By: Jennifer Saba Newsday Publisher Tim Knight said today that three of paper's 10 largest advertisers have agreed to settlements offered as part of its advertising compensation plan.
Newsday reached out to advertisers at the end of September to provide make-goods in relation to inflated circulation figures.
According to TNS Media Intelligence/CMR, the 10 largest advertisers in Newsday for January 2004 through August 2004 were local Honda, Toyota, Nissan, General Motors, and Hyundai dealerships, Federated Department Stores, Time Warner, Verizon Communications, Ilife.com, and PC Richard & Son. Collectively, these advertisers spent roughly $114 million in that period.
In a letter sent today and addressed to employees, Knight said that to date, 13,500 advertisers have already "accepted, signed, and returned our resolution settlements."
The paper also announced that it will be holding its "biggest classified event ever" by offering free two-line classified ads to run for seven days to all readers.
Knight also expressed confidence in newly appointed Vice President of Advertising Ray McCutcheon, mostly recently of the Los Angeles Times. "Ray's years of experience at Newsday, his knowledge of the market and of our advertising customers will be an invaluable resource as we move forward," Knight said.
Knight did not detail which of the three of its largest advertisers have come to terms with Newsday, nor did he relay how many advertisers are still considering the settlement.
The Tribune Co., the paper' parent, has set aside some $95 million towards advertiser compensation.
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