Wall Street Journal excerpt:
New York Times, Tribune Report Weak Print-Ad Revenue
By SARA LEITCH and JUDY LAM
WALL STREET JOURNAL, July 25, 2007 9:59 a.m.
New York Times Co.'s second-quarter net income nearly doubled, as a $94 million gain on the sale of its Broadcast Media Group offset weakness in print advertising.
The company also said it expects to cut costs by $65 million to $75 million in 2007, excluding inflation and one-time costs, and by a further $230 million in the next two years, including $130 million in 2008.
...
New York Times's results came after Gannett Co., the largest U.S. newspaper company by circulation, and Dow Jones & Co., the publisher of the Wall Street Journal, both reported declines in newspaper ad sales in the second quarter. A yearlong falloff in print-advertising dollars has steepened in the past few months -- according to the Newspaper Association of America, U.S. newspaper advertising fell 4.8% in the first quarter, compared with its full-year decline in 2006 of 0.3%.
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