By: JenniFer Saba Third-quarter advertising results started rolling in as E&P went to press, and reporting companies did not go out of their way to suggest that the ugly numbers have blossomed into something more eye-pleasing.
Blame it on California. And Florida. And Nevada ? and don't forget Arizona, said Gannett's CEO Craig Dubow on a conference call. Ad revenue fell 5.6% in Q3 at the country's largest chain, but those four states were responsible for 40% of that decline, thanks to cratering real estate classifieds.
Gannett wasn't the only company to feel the pain. McClatchy attributed 68% of its ad decline to real estate classified woes. Overall, ad revenue at McClatchy was down 9.8%. The company's newspapers in the Sunshine and Golden states represent about 33% of that revenue.
More of the same news came from Media General, for which newspaper ad revenue decreased 8.3%. The main culprit: The Tampa Tribune, which accounted for 90% of the fall-off. There was a tiny spot of good news: McClatchy is going to report in the upcoming FAS-FAX that the combined "unique" user reach of print and online in almost all of its major markets is greater than 65%.
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