The publisher of The Herald group of newspapers – The Herald, Sunday Herald and Evening Times – has revealed a huge drop in advertising revenue during the first three months of this year.
According to reports yesterday, advertising revenues at Newsquest, the UK local newspaper arm of the US publisher, Gannett, fell by 38.7 per cent between January and the end of March.
Classified ads – for the likes of cars and property – is said to have been hit even more: 45.1 per cent.
Newsquest has 17 UK daily newspaper titles in its portfolio and 200 weekly newspapers, magazines and trade publications.
The figures come from Gannett which is said to have suffered a 60 per cent drop in first-quarter profit. Reports Reuters: “[Gannett] reported net income of $77.7 million, or 34 cents a share, down from $191.8 million, or 84 cents a share, a year ago. Revenue fell almost 18 per cent to $1.38 billion.”
Newsquest yesterday declined to respond to an allmediascotland request for more information.
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