By: (AP) The New York Times Co. became the latest newspaper publisher to warn of lower profits Tuesday because of the likely impact on advertising from the terrorist attacks on Washington and New York last week.
The warnings come as the industry was already facing a steep downturn in advertising. The Times Co. also reported Tuesday that newspaper advertising revenues tumbled 17.8% in August compared with the same month a year ago, when revenues rose 7.8%.
The company said in a statement that its results for both September and the third quarter would be "adversely affected by the tragic events of last week." The company did not provide more detailed guidance.
"Right now it's very difficult to assess in the short term the impact on the advertising environment," spokeswoman Catherine Mathis said.
Other major newspaper publishers have also warned that the attacks could further erode earnings. Dow Jones & Co., publisher of
The Wall Street Journal, issued such a warning Monday, Gannett Co. last week, and E.W. Scripps Co. also warned on Tuesday.
Comments
No comments on this item Please log in to comment by clicking here