Associated Press Reports Narrowed 2009 Profit
In 2009, The Associated Press earned $8.8 million, a profit that was 65% lower than in 2008, the news cooperative has announced.
Revenue fell 10% to $676.1 million. The AP also forecast falling revenue for 2010. If that prediction holds, the AP will have posted its first back-to-back revenue declines since the Great Depression. The company also reduced payroll expenses by 10% through “attrition, buyouts and layoffs.”
The news organization said that it would have lost money in 2009 if it weren’t for a one-time, $13.2
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