Newspaper publishers are dealing with difficulties as they shift from a focus on print, to become dual print and online businesses, Goldman Sachs analyst Peter Appert said. He does not see Internet growth offsetting print declines before 2011, he added.

“Ultimately, we believe newspaper publishers will re-emerge as very healthy and dominant players in the local media marketplace, but with margins that will not likely match the more than 20 percent levels the industry has historically enjoyed,” he wrote in a client note obtained by the Associate Press.