Quoting directly from Bloomberg, because there’s really not much else to say:
“The Los Angeles Times had ‘one of the worst quarters we have ever experienced’ as advertising fell and cash flow dropped 27 percent, the newspaper’s publisher said in a memo to employees.
“Second-quarter sales slid 10 percent, Publisher David Hiller wrote yesterday. A slump in advertising pages overwhelmed gains in Web ads and newspaper supplements, he said.
“The landscape for newspaper publishers has become ‘extremely competitive and dramatically changed from what it had been not so long ago, with an explosion of options and choices for readers and advertisers,’ Hiller said.”
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