Rough June for newspapers portends bleak future : Regional and national newspaper publishers, already staggering with a drop in ad revenue more severe than the industry has seen since the Great Depression, say the second half of 2008 may be even worse. Three publishers — McClatchy Co., Lee Enterprises Inc. and E.W. Scripps Co. — reported Thursday that their profits had fallen by nearly half in the second quarter compared to last year. They joined industry heavyweights New York Times Co. and Gannet Co., which reported earnings Wednesday and last week, in saying double-digit drops in ad revenue were most to blame for plunging profits, though rising costs played a role too. All five publishers said ad revenue fell fastest in June, and most said July is looking as bad or worse. "It really shows we haven't yet reached a bottom for...
[read full story]
Your Web Site
