Timothy Knight resigned Wednesday as publisher of Newsday in Melville, N.Y. In a note to staff, he explained, “Now is the right time to let others move our business forward.”
Newsday reported the move and the note on its Web site late Wednesday.
Knight will be replaced by Terry Jimenez, publisher of amNewYork, a free New York City daily, Tad Smith, president of Cablevision Systems Corp.’s local media unit, announced.
Knight had been publisher for five years.
Newsday supplied this context: “His departure comes at a time when Newsday, like most major newspapers, is struggling with declining circulation and advertising revenue as some readers get their news from the Internet and other electronic sources, and advertisers follow them. The downturn in ad revenue has been exacerbated by the economic recession.
“In July Cablevision, of Bethpage, said profits declined but sales went up in its second quarter, ended June 30. The company said it earned $87 million, compared with $94.7 million in the same period last year. In line with analysts’ expectations, revenue grew nearly 10 percent to $1.88 billion in the quarter, in part because of its cable and other telecommunication services.
“But the company reported that Newsday, which it bought last summer, had an operating loss of $2.6 million.”