Its farewell to magazines that quit print under pressure from recession and digital media. Some brands continue online, but many do not.
eMarketer Sounds Death Knell for Newspapers
US newspaper ad revenues are expected to drop 42.5% in the next seven years, signaling a death spiral for the medium as readership moves online and to more real-time, interactive venues, according to a report from eMarketer. In its report, “Newspapers in Crisis: Migrating Online,” the research firm estimates that newspaper advertising revenues dropped 16.4% to $37.9 billion in 2008 and expects that by 2012, those revenues will tumble to $28.4 billion – slightly more than one-half the industry’s revenue peak of $49.4 billion in 2005.
The New York Times Company
has confirmed that Mexican billionaire Carlos Slim
will lend it $250m (£170m) at 14% interest, which will be used to refinance its existing debt, in a deal that will eventually increase his shareholding in the company from 6.9% to 17%. In a statement, The New York Times said an agreement had been reached with Banco Inbursa and Inmobiliaria Carso, with each company contributing half of the $250m. Slim is the main shareholder for Banco Inbursa’s parent company Grupo Financiero Inbursa, and also owns Inmobiliaria Carso, which already holds a 6.9% stake in The New York Times Company.