• June 21, 2001

(AP) - Media executives for two large U.S. newspaper publishers on Wednesday ended a midyear review of the industry like it began, issuing more bad news about advertising revenue.

Officials at both The McClatchy Co. and Pulitzer Inc. said the advertising slump that began late last year shows few signs of easing.

"We don't know if we have hit bottom yet," said McClatchy president and chief executive Gary B. Pruitt, echoing the views of other executives who spoke at the three-day conference sponsored by Gannett Co.

Recent price decreases for the cost of newsprint will help somewhat, but media executives said the savings they will generate from newspaper production won't fully offset the advertising losses.