The New York Times was in increasing financial trouble this week, with new data showing ad revenue plunging in the third third quarter of 2019. The news sent shares falling around 7%.
"The New York Times share fell 7% to $ 29.61 in early trading Wednesday after the media company reported continued decline in ad revenue for the third quarter," reports the media website & # 39; The Wrap. & # 39;
"The company reported that print advertising revenue was down 9.7% compared to the third quarter of 2018 and down 17.2% for digital advertising. Third-quarter digital advertising fell 5.4% this year, while print advertising fell 7,
The Times triggered a media storm after publishing an explosive "bombshell" on Supreme Court Justice Brett Kavanaugh. The report was largely debunked.
York Times' handling of a new sexual misconduct complaint against Supreme Court Justice Brett Kavanaugh nearly as much attention as the charge itself, "writes the Associated Press.
" After the story was posted online, but before it was in the print edition, revised the Times story to add that the book reported that the woman allegedly involved in the incident refused to be interviewed and that her friends say she does not remember the incident n. While an editorial note pointed to the revision, it did not say why these facts had been omitted in the first place. A Times spokesman said no one was available for an interview on Monday, the AP adds.
Read the full report here.
Source: The Wrap