Print: Tribune Bankrupt, Ad revenue plunge
From RintiniWriting Media giant Tribune Co., saddled with billions in debt since it became a privately held company last year, filed for Chapter 11 bankruptcy protection in a Delaware court this afternoon, becoming the first major newspaper or chain to declare bankruptcy in modern history. (Washington Post) Wall Click for bigger picture. Total print and…
From Rintini
Writing
Media giant Tribune Co., saddled with billions in debt since it became a privately held company last year, filed for Chapter 11 bankruptcy protection in a Delaware court this afternoon, becoming the first major newspaper or chain to declare bankruptcy in modern history. (Washington Post)
Wall
Click for bigger picture. Total print and online newspaper advertising revenues plummeted to $8.92 billion in Q3 2008, an 18% drop of nearly $2 billion from Q3 2007, and a 6.9% drop from Q2 2008, according to figures released by the Newspaper Association of America. (MarketingCharts)
*scribbles*
Similar blog posts: International Herald Tribune to shut down and Australian job ads drop 21%
Oh, and I’m back from holidays. By the way, when did David Kirk, CEO of Fairfax resign? o.O when I was riding camels in Broome? He had a tough job, I didn’t envy him at all. Fairfax has a corporate culture oblivious to change or die. Yeah yeah he sacked a bunch of staff. But tell me you wouldn’t do the same, in the same position?
When you see how much trouble national papers are in, you really don’t hold out much hope for the regionals, which are doing an astoundingly bad job in competing with Internet media.
For example, something I blogged about yesterday, most regionals in the UK (and can’t imagine it is different in Aus, US etc) have less than 100 RSS subscribers…less than subscribe to this and thousands of other blogs
http://bit.ly/pKiz