The publisher of The New York Times, The Boston Globe, The International Herald-Tribune and 15 other daily newspapers showed a 27 percent drop in ad revenue in its third-quarter earnings report Thursday, the Associated Press says.
“The Times Co.’s ad slide in the third quarter was comparable to what other major newspaper publishers such as Gannett Co. and McClatchy Co. have reported. Those companies have remained profitable because of job cuts and falling newsprint costs.
“… Excluding unusual items, the company said it earned 16 cents per share in the most recent quarter, compared with 5 cents a year ago.”
On Monday, the NYT said it would eliminate 100 more newsroom jobs by year’s end.