Web NOT Hurting Newspapers
\"Fear of the Internet is turning out to be totally far-fetched,\" he told Reuters. \"There are more pluses than minuses for newspapers.\"
He pointed to Monday\'s figures from Knight Ridder Inc., the No. 2 U.S. newspaper chain, which publishes 32 daily newspapers with a daily readership of 8.7 million and 12.9 million on Sundays.
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The view on the street Monday was that USA Today, The New York Times, The Los Angeles Times, The Boston Globe, The Chicago Tribune, The Wall Street Journal, and scores of newspapers in small-town America are doing very well, thank you. Revenue from advertising is more than making up for a slow decline in circulation and a rise in newsprint prices that has eaten into profits.
\"They are beating (financial) expectations across the board,\" said Ed Atorino, a newspaper industry analyst at Wasserstein Perella Securities. \"I thought second-quarter expectations were pretty conservative, but ad growth is strong nationally and classified (advertising) has held up better than Wall Street expected.