Newspaper publishing group Knight Ridder has issued a pessimistic first quarter forecast, predicting a 25% fall in Q1 earnings due to the decline in adspend.
“The revenue environment continues to deteriorate and we do not see relief in March,” said chairman/ceo Tony Ridder. He promised to “tighten costs” to combat the decrease in ad revenues. KR titles include the Miami Herald and Philadelphia Enquirer.
Total group advertising revenue for February sagged 2.7%, the worst hit sectors being automotive and classified.
News Source: CampaignLive (UK)