July earnings are here and that means it's time for yet another depressing report from the New York Times Co.. Advertising revenue fell 16.2 percent, leading to a company-wide revenue decrease of 10.1 percent over last year.

The New England media group, helmed by the Boston Globe, was among the hardest hit, seeing its revenue drop by an astounding 24.5 percent. The New York Times' revenue fell 15.3 percent.

Internet revenue, touted as a possible replacement for lost spending on print ads, increased by only 2.6 percent.

As one might expect, the company's stock continues to fall.

In other NYT Co. news, two of its Florida papers, The Gainesville Sun and the Ocala Star-Banner anounced they will merge their news operations. "News and copy desk functions, design, layout and pagination for the two papers will be done in Gainesville," the Sun's Web site reported.