Classified ad revenues shrink in US papers

A trio of major US newspaper publishers have unveiled weaker first quarter results, due to difficult classified advertising conditions. Overall, classified revenue at Tribune fell nearly 14%; at the New York Times it slid 11.6%; while Gannett saw a drop of 3%. A sluggish housing market meant that real estate ad revenue dropped off dramatically. Now Tribune, citing losses as its reason, is to cut 150 jobs at the Los Angeles Times. (Via WARC)