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NYT Rev Drops, Sees Hope in Bank Crisis

  • Portfolio, Friday, October 24, 2008 10:15 AM

?Will the struggling financial sector be the savior for the struggling newspaper sector? The New York Times Co. reported a dismal third-quarter yesterday with declining advertising revenue, slowing online ad growth, and a possible dividend cut. By late in the day S&P downgraded the company's debt to junk.

But at the same time, traffic to NYTimes.com has soared because of the financial crisis, as readers seek updated news. And one of the best performing sectors in ad sales in the last few months has been, yes, the troubled financial-services sector. Banks and related companies sought to reassure their customers and to poach new ones through ad campaigns.

"When there is a deliberate reason for these [advertisers] to get a message out, they use our [media] vehicles," says NYT chief Janet Robinson.

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