Marathon in the media


It's been a really rough ride for media stocks, whose recent market slide has been almost as steep as the decline of newspaper readership. Hedge funds investing in such stocks may be bucking the conventional wisdom about the future of print. But that bet hasn't paid off yet.

And it isn't helping that one prominent media company's founder and colleagues are being accused of stealing $51.8 million from company coffers. That's what happened in early November when the Hollinger International newspaper group's founder was brought up on criminal charges. Fallen media tycoon Conrad Black was indicted in Chicago