Ad Revenues Slip at US Newspaper Publishers

18 July 2002

US newspaper publishers Gannett and the New York Times Company are still suffering from the ad slump, with both reporting falling ad revenues at their titles for the second quarter.

Gannett, owner of USA Today, saw income from newspaper advertising slip 1.1%. It also posted a 30% year-on-year jump in net profits to $303.9 million (€302.3m; £194.3m), largely due to a change in accounting rules. Overall revenues edged down from $1.63 billion in Q2 2001 to $1.62bn.

NYTC saw newspaper advertising drop 2.1%, while profits slumped 70% to $78.8m, again a reflection of accounting changes. Total revenues increased from $760.3m to $772.2m.

In light of the relatively mild declines in ad revenue, both companies expressed optimism but also caution about prospects for the rest of the year.

Data sourced from: New York Times; additional content by WARC staff