New York Times Ad Revenues Drop
More signs that the housing bust and credit crunch have precipitated an advertising recession that is hurting traditional print media. Today the New York Times Company shares hit a 52-week low on news that August ad revenue declined 3.2 percent. From MarketWatch:
”Revenue at the publisher’s News Media Group dropped 4.6% from the same month a year ago, to $121.5 million. Classified revenue, traditionally considered the most vital component of newspaper advertising, plunged 20% on weakness in real estate, help-wanted and automotive ads.”
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