Tough times for the Boston Globe.
The New York Times [NYT] Co. said yesterday that advertising revenue dropped 20.9 percent in November from a year ago, as the financial crisis prompted steep declines in classified and national ad spending.
Ad revenue at the companys New England Media Group, which includes The Boston Globe and Worcester Telegram & Gazette, fell about 23 percent year-over-year.
The sharp economic deterioration, which followed the turmoil in the financial markets this September, has exacerbated an already-weak advertising market for newspapers as readers and advertisers have migrated to the Internet.
The Times is considering selling some of its properties, but has not yet said which ones.
The companys Internet ad revenue – long a source of hope among newspaper publishers battered by falling print ad sales and circulation – dropped 4 percent. That reflects a decline in online jobs and real estate ads.
Source: Boston Globe.