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Industry News
Newspaper IndustryNew York Times Returns to ProfitNew York Times Co. reported a first-quarter profit as the company continued to slash costs. The pace of advertising decline also slowed from a year ago, when Times Co. lost $75 million.Advertising in Times Co.'s newspapers and related properties fell 9.1% for the quarter. Those results echo the news from others in the newspaper industry, where Gannett Co. and Lee Enterprises Inc. reported high single-digit declines in publishing ad revenue after suffering 20% to 30% drops over stretches of last year. Separately, McClatchy Co. reported that it rebounded from a prior-year loss in the first quarter. But the publisher of newspapers including the Sacramento Bee and the Miami Herald said it would have had a loss except for a one-time gain related to the divestiture of papers. McClatchy shares were down sharply in Thursday trading. Its ad revenue fell 11%.
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