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In this exploratory study we investigate the investment strategies of companies in a traditional sector that faces important challenges from new technologies. We focus on the various forms of investment and divestment that are used by companies to achieve diversification. Using data from a small sample of leading Dutch publishing companies, we apply a multinomial logit analysis to model the investment preferences of these firms. Our data show that these leading companies in the industry diversify into new activities that are centered around the Internet, e-business, and other electronic products and services. These firms are found to prefer a gradual diversification through related activities. In terms of international diversification, the current strength of the new economy, expressed in major new technological developments and the creation of new businesses, affects the investment strategies of these companies …