Even as News Corp. negotiated to buy Dow Jones & Co. over the past few weeks, a grim reality was increasingly evident to executives on both sides of the discussion: The downturn in the newspaper industry is getting worse.
Last fall, newspaper executives and analysts were caught by surprise by the severity of a slump that took hold last summer. Since the beginning of this year, the rate of decline in advertising revenue has accelerated. Total print and online ad revenue was down 4.8% to $10.6 billion in the first quarter from a year earlier, according to the Newspaper Association of America, compared with its full-year decline in 2006 of 0.3%.
I'm trying to be optimistic.
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