Media News - Wednesday, August 27, 2008

New York Times ad sales fell 16 percent last month

New York Times Co.'s revenue slipped again last month as the newspaper publisher continued to struggle with the economic slowdown and the shift from traditional print media. The company, which publishes its flagship newspaper, as well as the International Herald Tribune and the Boston Globe, said Tuesday its revenue from continuing operations fell 10 percent to USD 235.9m (EUR 160.7) from a year earlier. Advertising sales decreased 16 percent and circulation revenue slipped 0.5 percent. Revenue at the publisher's News Media Group dropped 18 percent as classified revenue - traditionally the most vital component of newspaper advertising - slumped 30 percent on weakness in real estate, help-wanted and automotive ads. Ad revenue at the New York Times Media Group fell 15 percent as entertainment, transportation, hotel and automotive categories all declined, offsetting growth in media, financial services and health-care. The results come after Gannett Co. last week reported a 17 percent slump in July ad revenue and McClatchy Co. posted a 19 percent decline. (Wall Street Journal)

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