The Financial Times dissects just why the St. Petersburg Times is so successful in reinvesting money in its journalism, quoting extensively its CEO Paul Tash:

… there are obvious differences between its mentality and that of competitors, who must report to Wall Street. Whereas [the Chicago] Tribune and other companies are trying to push profit margins beyond 20 per cent, the Times views that level as an upper limit, and even a warning that it is not investing enough in its core business. Neither does it have to worry about distant owners, or other corporate priorities. Mr Tash said: “If you’re Gannett and Louisville has a bad quarter, someone has to make it up.”

(via Romanesko)

This article appears in Oct 11-17, 2006.