Peter Kafka at AllThingsD notices a shocking trend: Recent newspaper financial reports haven’t been spectacularly bad!
This presumably explains why the New York Times (NYT) stock has cracked $7 today. We’ll hear about their Q2 tomorrow.
Peter Kafka: Last week, Gannett (GCI) said national ads had only dropped 12 per cent in June, compared to a 24 per cent slide the previous year. Yesterday, McClatchy (MNI) said that while ad revenue was down 30 per cent in the last quarter, this figure was at least stable compared to the previous quarter, and that things were picking up, just a bit, this summer. And today Media General (MEG) said its declines had also become a bit less severe.
Tomorrow we hear from the New York Times (NYT), and if we use the the very low bar set by its peers, there’s a decent chance the publisher will have a not-terrible story to tell.
That’s because the Times had previously warned that its Q2 would look as unpleasant as its Q1, when its ad sales dropped 27 per cent; anything less lousy will constitute a win. Investors seem eager to hear about it: NYT shares are trading up today along with many other newspaper publishers.
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