NY Times takes financial hit

Ad revenues down 16 per cent, overall revenues down 10 per cent. The US newspaper industry is continuing to bleed. It is unique though. Around the world, Canadian and European newspapers are generally steady (ad/circulation revenue at plus/minus three per cent a quarter, depending on the time of year.) China and India are booming. The US newspapers have been hit by a double whammy of the credit crunch and the burst housing bubbles. Discretionary spending is tightening, and hitting staples of newspaper ads such as cars, houses, entertainment etc.

Associated Press, August 26 2008