NEW YORK: Exemplifying the current woes of the US newspaper industry, The New York Times Company reported a 13% slump in advertising sales for December, and warned that January was unlikely to be much better.
Advertisers reined-in spending on healthcare, technology and classifieds. But despite this evidence of a general economic slowdown, the media group swung into profit during the last quarter.
It reported Q4 earnings of $53 million (€35.6m; £26.5m), compared with a loss of $648m in the year earlier period.
Data sourced from Financial Times Online; additional content by WARC staff