Newspapers and Ad Spending: More Bad News

We might have to consider reading the morning industry headlines with a bottle of Wild Turkey within reach, because the new continues to be bad for the newspaper industry. The weekend saw even more developments.

It’s a festival of pain out there. A round-up, for as long as we can stand it:

Sam Zell’s Tribune Co., which owns papers like the Los Angeles Times, the Chicago Tribune and the Baltimore Sun, considers a Chapter 11 filing for as early as this week.

Many said they overpaid, and now the McClatchy folks are putting the Miami Herald up for sale. Potential buyers could be scarce.

The New York Times Co. is going to borrow up to $225 million against it’s shiny new Manhattan office building, as one of its lines of credit is set to expire in May.

Major ad firms on Madison Avenue are expected to lay off more people in 2009.

Meanwhile, U.S. ad spending is expected to drop anywhere from 3 percent to 6 percent in the coming year.

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2 Responses

  1. […] The company owns the Los Angeles Times, the Chicago Tribune and Baltimore Sun. We noted this was around the bend earlier today. […]

  2. The new President can resurrect the NYT to its “former glory” by bestowing the Presidential Medal of Freedomon Tom Friedman; rehabilitating Friedman (who lost a big chunk of his center-left audience for his early support of the Iraq war), is the NYT’s heritage brand, along with Maureen Dowd. Fixing Friedman sells newspapers, and gets the Gray Lady solvent again (the paper, NOT Maureen, she is already fairly solvent!).

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