The New York Times found itself in growing financial trouble this week, with new data showing ad revenue plunged in the 3rd quarter of 2019. The news sent stocks tumbling about 7%.
“New York Times stock fell 7%, to $29.61, in early trading on Wednesday after the media company reported continued declines in advertising revenues for the third quarter,” reports media website ‘The Wrap.’
“The company reported that advertising revenue for print is down 9.7% compared to the third quarter of 2018 and down 17.2% for digital ads. Third-quarter digital advertising this year decreased 5.4%, while print advertising dropped 7.9%,” adds the author.
The Times sparked a media firestorm after publishing an explosive “bombshell” regarding Supreme Court Justice Brett Kavanaugh. The report was largely debunked.
“Between an offensive tweet and a significant revision, The New York Times’ handling of a new sexual misconduct allegation against Supreme Court Justice Brett Kavanaugh attracted almost as much attention as the accusation itself,” writes the Associated Press.
“After the story was posted online but before it was in the print edition, the Times revised the story to add that the book reported that the woman supposedly involved in the incident declined to be interviewed, and that her friends say she doesn’t recall the incident. While an editor’s note pointed out the revision, it did not say why those facts had been left out in the first place. A Times spokeswoman said no one was available for an interview on Monday,” adds the AP.
Read the full report here.
Source: The Wrap