Ad revenue plunges at US newspapers

February was the cruellest month for ad departments in US newspapers with a striking fall in revenue. Comparing February this year with February last year, it dropped 14% at USA Today, 7.5% at the New York Times and 10% at the Wall Street Journal. Two large groups - the Tribune company, whose papers include the Los Angeles Times and the Chicago Tribune, and McClatchy, owner of the Miami Herald - reported losses of 5%. The companies blamed the declines largely on the continuing shift of classified advertisers from print to online, especially to mostly free sites like Craigslist. (Via New York Times)