THE New York Times once epitomised all that was great about American newspapers; now it symbolises its industry\u2019s deep malaise. The Grey Lady\u2019s circulation is tumbling, down another 3.9% in the latest data from America\u2019s Audit Bureau of Circulations (ABC). Its advertising revenues are down, too (12.5% lower in March than a year earlier), as is the share price of its owner, the New York Times Company, up from its January low but still over 20% below what it was last July. On Tuesday April 29th Standard & Poor\u2019s cut the firm\u2019s debt rating to one notch above junk.<\/p>\n
At the company\u2019s annual meeting a week earlier, its embattled publisher, Arthur \u201cPinch\u201d\u009d Sulzberger, attempted to quash rumours that his family is preparing to jettison the firm it has owned since 1896. Carnage is expected soon as dozens of what were once the safest jobs in journalism are axed, since too few of the staff have accepted a generous offer of voluntary redundancy.<\/p>\n
Pick almost any American newspaper company and you can tell a similar story.<\/p>\n