Facebook IPO latest evidence that traditional and social media are diverging

The divergence of traditional and social media has never been more starkly illustrated than it was last week.

Two old-line newspaper companies — Gannett (the largest) and the New York Times (the most prestigious) — reported their quarterly financial results.

Meanwhile, Facebook — which didn't even exist a decade ago — filed the legal paperwork for an initial public offering of stock in the spring.

The Times reported that its print advertising was down about 8 percent from the previous year. The company's market capitalization — the amount all its assets would bring if sold — is about $1.1 billion.

Gannett's print advertising was down about 5 percent from the previous year. Gannett's market cap now stands at about $3.5 billion.

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