NEW YORK, Dec. 28 (UPI) -- The U.S. newspaper industry felt the barbs of the subprime mortgage crisis through a sharp decrease in real estate advertising, a New York report said.
A major example came from Tribune Company, which reported a 40 percent decline in November real estate classified ad revenues at its Chicago Tribune and Los Angeles Times.
Gannett said it was on track for a 27 percent drop in real estate advertising for the fourth quarter after reporting a 23 percent slide in the third quarter, the Financial Times said. Several others have reported similar circumstances.
While reminiscent of the bursting of the dot-com bubble in 2000, the current problem presents broader challenges, the report said, because in part of the flight of classified ads to low-cost competitors on the Internet, the Financial Times said.
John Morton, head of Morton Research, a newspaper consultancy, called it "a strong negative impact" and posed the question of whether advertising will come back as before when the housing situation clears up.
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LOS ANGELES, Nov. 13 (UPI) --
U.S. actress Katherine Heigl is to take a break from taping "Grey's Anatomy" to spend more time with the baby girl she and her husband recently adopted.
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