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New York Times November Revenue Down 20%

December 24, 2008

“The Internet is a wonderful place to be, and we’re leading there,” said Arthur Sulzberger, owner, chairman and publisher of the New York Times in February 2007.  “I really don’t know whether we’ll be printing the Times in five years, and you know what? I don’t care either,” he said.

Good thing Mr. Sulzberger doesn’t care because “print” editions of many newspapers seem to be living on borrowed time….and money….

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The New York Times Co’s November advertising revenue fell 20 percent, the company said on Wednesday, illustrating how the financial crisis is aggravating dizzying revenue declines at U.S. newspapers.

Ad revenue at the publisher’s New York Times Media Group, which includes the Times newspaper, fell 21.2 percent from a year earlier because of a drop in real estate and jobs classified advertising.

Studio entertainment, automotive, book and financial services ads also were weak, the Times said in a statement.

The New England unit, which includes The Boston Globe newspaper, as well as the group representing its other U.S. papers, also fell.

Total company revenue fell 13.9 percent.

Related:
Internet Victim? Washington Post, Baltimore Sun to Share Content
.
New York Times Accused of “Gross Negligence”

Read the rest:
http://www.reuters.com/article/technology-media-telco-
SP/idUSN2426545720081224?feedType=RSS&feedNa
me=technology-media-telco-SP&rpc=22&sp=true

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