The Yardley, Pennsylvania-based company said revenue had declined by 2 percent in 2006, by 8.5 percent in 2007 and was down 10 percent in the period from January 2008 through November 2008.They plan to cancel their common stock.
UPDATE 3-Philadelphia papers owner files for Chapter 11 | Reuters They are blaming everything but their inability to come with a viable business model.
In a statement, Philadelphia Newspapers LLC blamed its filing on a "rare trifecta of a dramatic decline in revenue, the worst economic crisis since the Great Depression and a debt structure out of line with current economic realities."Classified adds have gone to Craigslist. Real Estate is moving to the web (or the cable companies) because video is what people want.
Automotive advertising... I have no idea.
I think their real problem is that younger generations don't read newspapers, but get their news and information in other places.
But make no mistake, we need the news-gathering operations of newspapers. These are the people who try to fight city hall, who track the antics in state capitals, etc.
It might help if the editorial leanings of most newspapers didn't so heavily influence the reporting.