NY Times Ad Revenue Craters

I have a suggestion for them. Maybe they can just make up another story blaming George W. Bush.

In the meantime, let them suffer. They deserve zero sympathy.

The New York Times Co's November advertising revenue fell 20 percent, the company said on Wednesday, illustrating how the financial crisis is aggravating dizzying revenue declines at U.S. newspapers.

Ad revenue at the publisher's New York Times Media Group, which includes the Times newspaper, fell 21.2 percent from a year earlier because of a drop in real estate and jobs classified advertising.

Studio entertainment, automotive, book and financial services ads also were weak, the Times said in a statement.

The New England unit, which includes The Boston Globe newspaper, as well as the group representing its other U.S. papers, also fell.

Total company revenue fell 13.9 percent.

Most publicly traded newspaper publishers release monthly numbers because Wall Street scrutinizes them for sometimes minute changes, and their stocks often can rise or fall by significant amounts as a result.

For the Times, the numbers are important because it is trying to meet its 2009 debt obligations and reduce borrowing. At the same time, it is trying to save money as the newspaper business worsens.

Oh well.

Thanks to Ace for the link.