The white elephant in the room

US newspapers didn't wait for the economy to start hollowing out before emptying out their production plants. By the time many readers found their homes were costing more than they were worth, newspapers already were shuttering sites for similar reasons. Not that newspapers didn't try to sell their white elephants: Despite the collapse, the number of newspaper real estate appraisals actually didn't change much over the past two years. Newspaper plants are among the more complicated commercial properties to sell because they are special-use structures that are not easily converted to other industrial purposes. Given the high cost of modifying a press foundation and pad, newspapers often argue with tax authorities that their idled plants should be appraised at the lower rates applicable to a warehouse.