Craigslist has cost U.S. newspapers around $5 billion in revenue since 2000, according to a new study which will be published in the journal Management Science, which looks at classified ad sales from 2000-2007.

The Raw Story reports that the study attributed this loss to Craigslist, which has taken away the sales of classified ads from local newspapers. Here is more from the Raw Story:

The $5 billion over the 2000 to 2007 period is a conservative figure, “and if we extended the study to 2012 it would probably be a lot higher,” said Robert Seamans of New York University’s Stern School of Business, and a co-author of the study. Over that period the researchers noted a 20.7 percent drop in classified ad rates, a 3.3 percent increase in subscription prices and a 4.4 percent decrease in circulation, according to a summary of the research released this week by New York University.

According to the report, prior to Craiglist, newspapers earned about 40% of its revenues from classified ad sales.