Janet Robinson, the CEO of The New York Times Company, had some bad news for those gathered at a Goldman Sachs conference yesterday: Things are worse for the New York Times than previously thought. Third quarter ad revenue is expected to drop by about eight percent, rather than the forecasted four percent drop, reports Reuters.
Robinson said that typically strong advertising categories — like auto, real estate and help wanted — all pulled back citing an unstable economy. Jill Abramson hoped that the unexpected drop in revenue wouldn’t lead to personnel cuts at the paper.
“The economy is so uncertain at this point — I certainly haven’t been told by anybody that there will be specific consequences of any economic trends right now,” said Abramson. “But it’s a very cloudy economy.”
It’d be nice if the sun shined on the Times, but for now, it appears a storm is brewing.