Thursday, October 22, 2009

Good news hard to find at U.S. papers

For all the talk that the worst of the recession is over, newspapers in the United States aren't feeling the recovery just yet.

The biggest publisher in the U.S., Gannett Co. Inc., reported its profit dropped 53 per cent in the third quarter. The publisher of 84 newspapers, including USA Today, faces a continuing slump in ad revenue. That decline in advertising was echoed in quarterly results from publisher McClatchy Co., which managed to increase its profit through cost cutting.

But perhaps nothing exemplifies the industry's continued funk than the move by New York Times Co., which reports its own set of financial results today, to cut 100 newsroom staff, or 8 per cent, from its flagship paper. Until now, the Times has resisted significant cuts to its editorial department, which currently has about 1,250 employees.

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