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Revolving Door Newsletter: 10.23.09
Fortune Cuts Frequency, Signals Trouble for Time Inc.October 23, 2009
The New York Times surprises everyone with a better than expected earnings report. The company still lost $35.6 million during the third quarter, but this figure beat projections by a significant amount. (That says vast amounts about the failing business, no?) A lot of the success has to do with cost-cutting measures, but there are some other positive signs. Advertising fell another 26 percent -- less than the 30 percent drop the previous quarter -- but circulation gains are keeping the company afloat. David Carr notes that circulation revenue exceeds advertising revenue for the first time ever. Additionally, the Internet now accounts for ...