US: newspaper execs optimistic despite slow advertising growth
At a conference of the Newspaper Association of America on Tuesday, investors were told not to worry about declining circulations and sluggish second-quarter advertising growth saying that the industry is a "healthy business with a bright future". All newspaper representatives predicted that advertising would pick up significantly over the remaining months of 2005. CFO of the New York Times, Len Forman said that although newspaper advertising growth is not as substantial as cable TV nor the Internet, newspapers are a mature industry that can "manage quite well with 5% growth." However, the Grey Lady reduced its year-long ad growth forecast to low single-digits. The major points of newspaper ad growth have been help-wanted ads and the Internet, Knight Ridder reporting a 54% increase in online advertising. William Bird of Smith Barney, an investment division of Citigroup, said that possible stimuli for the newspaper industry are more acquisition activity, reversing the circulation slide and regaining readers who are moving online. But Smith did not see any of these suggestions happening in the near future.
Sources: Forbes and SmartMoney
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