On Jul 23, 7:58=A0pm, "MioMyo" <USA_Patr...@[EMAIL PROTECTED]
> wrote:
> Couldn't happen to a more liberally partisan democrat mouth-piece.....
LOL...Yo-Yo doesn't tell you that this is an effect of the economy as
is happening to ALL newspapers. Take a look at Gannett in his own
do***entation, for example.
He's just pissed off because the NYT wouldn't print Grampa's latest
editorial because it wasn't newsworthy.
He's also pissed because we keep asking if he ever saw combat during
the Vietnam war. We've asked 475 times now but he won't answer because
he's ashamed. We had to ask him 13 times before he admitted he was
never even IN the country at the time.
S. Olson
> http://www.ft.com/cms/s/0/0887d6aa-58da-11dd-a093-000077b07658.html?n...
>
> The New York Times suffered a 16.4 per cent decrease in June advertising
> revenues and warned on Wednesday that the effects of high oil prices, a
> slowing economy and the housing crisis were likely to weigh on its
prospe=
cts
> for some time.
>
> "I think it's clear that many of the advertising budgets are tightening
u=
p,"
> said Janet Robinson, chief executive of the New York Times Company,
> predicting a "tough" second half of the year.
>
> The June performance followed an 11.9 per cent decline in May
advertising
> revenues, and suggested that an already deep erosion in newspaper
> advertising could be accelerating. Ms Robinson said the company would
> respond by raising newsstand prices for the New York Times from $1.25 to
> $1.50 per copy beginning in August, marking the paper's second increase
i=
n a
> year.
>
> That announcement came as the company re****ted that second-quarter
profit=
s
> fell 82 per cent to $21m, or 15 cents per share, compared with the same
> period a year ago, when it benefited from a $94m gain from the sale of
> television stations.
>
> Excluding that and other one-time events, income from continuing
operatio=
ns
> was down 5.5 per cent for the quarter. Revenue fell 6 per cent to $742m.
>
> The New York Times Company's results were the latest sign of gloom from
t=
he
> newspaper industry, which is now feeling the effects of a slowing
economy=
as
> it grapples with an ongoing migration of readers and advertisers to the
> internet.
>
> Gannett, the largest US newspaper chain, last week re****ted a 36 per
cent
> decline in second-quarter earnings, including a 17 per cent drop in
> advertising at its flag****p USA Today newspaper.
>
> Times' executives on Wednesday pointed to weakness in a variety of
> advertising categories, including Hollywood studios, department stores,
> technology products and telecommunications.
>
> Among the worst-hit was real estate classified ads, which first moved
onl=
ine
> to lower-cost competitors and are now drying up altogether in hard hit
> property markets like California.
>
> This year, the New York Times offered voluntary redundancies to about
100
> newsroom employees, a rare step for a paper that has prided itself on
add=
ing
> journalists even while competitors were retrenching. The company said on
> Wednesday that the voluntary buy-outs were expected to cost $40m-$50m.
>
> One bright spot for the company was its About.com website, where
revenues
> increased 15.8 per cent to $28.6m amid higher advertising. That helped
it=
s
> internet revenues grow 12.8 per cent to $91.3m for the quarter,
accountin=
g
> for 12.3 per cent of its total revenues.
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