We decided to group most of the bad Monday morning media news together. We already told you about the Tribune Co. but also making headlines this morning is the fact that McClatchy, the third largest newspaper chain in the country has decided to put the Miami Herald up for sale thus far there are no takers.
The New York Post is reporting that according to Madison Ave. the ad downturn is only going to get worse next year: “The talk in industry circles is that the major agency holding companies…are planning deeper cuts to ring in the New Year…Everybody is focused on Detroit, where there will be significant cuts, anywhere that you have an agency that touches the Big 3, you are preparing for spending to be down 25 percent.”
AdAge has more numbers to put to the pain we are all already feeling. They are reporting that media industries have shed more than 30,000 jobs in 2008.
Also, the New York Times Co. is borrowing against their almost brand new building to “ease a potential cash-flow squeeze,” which is probably less bad news than common sense come to think of it.