With the advent of the Internet, citizen journalism, online News and everything from online advertisements to Classified to News is it any wonder Hard Copy Newspapers may go the way of the DoDo Bird.
Some feel Movie DVD's may be next, as Pay for Views and Internet movies are making headway more so then ever before.
CHICAGO (AP) - Tribune Co. said Friday its revenue fell 5.9 per cent last month on a continuing tailspin in classified advertising sales that resulted in an even steeper decline in its newspaper division.
The company, whose properties include the Chicago Tribune, the Los Angeles Times and 23 television stations, said consolidated revenue for the period ended Aug. 5 slipped to US$467 million from $496 million a year ago.
Revenue from the publishing unit, consisting of Tribune's 11 daily newspapers, slid 8.6 per cent to $319 million as ad revenue sagged 10.3 per cent to $247 million. Circulation revenues sank 5.4 per cent.
National ad sales dipped 3.7 per cent with auto, financial and resort softness partially offset by strength in the company's movie category.
Classified ad revenue tumbled 18.2 per cent. The media conglomerate said real estate slumped 24 per cent on significant declines in Florida, Los Angeles and Chicago due to difficult year-over-year comparisons. Help wanted ads slid 19 per cent, while automotive slipped 14 per cent.
One bright spot was interactive sales, which climbed 11 per cent to $22 million.
Retail advertising sales fell six per cent on drop-offs in department stores and home furnishings. The declines were somewhat offset by health care and restaurant improvements.
Broadcasting and entertainment revenue was flat at $147 million, as a decrease in television revenues was offset by increased revenues at the Chicago Cubs and Tribune Entertainment. Television revenues fell 3.7 per cent.
Tribune is in the process of converting to a private company, to be owned by an employee stock ownership plan and controlled by real estate investor Sam Zell.
Shares in the company fell 23 cents to $28.75 Friday.