Wednesday, June 18, 2008

More bad news for newspapers

Major newspaper companies reported in danger of default

According to Bloomberg, who cited the Newspaper Association of America as a source, in the first quarter of 2008 newspaper industry print advertising sales suffered the biggest drop in at least 37 years. They are reporting the eighth straight decline of advertising sales.

Bloomberg said newspaper companies in danger of default include MediaNews Group Inc., publisher of the San Jose Mercury News; Journal Register Co., the New Haven Register owner and Florida Times-Union parent Morris Publishing Group. Reportedly, US newspaper publishers may be moving closer to defaulting on billions of dollars in debt.

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