When newspaper publisher New York Times Co.(NYSE: NYT) revealed last night that ad sales are picking back up and it see solid growth ahead, it just didn't seem like news.
It wasn't. The Times had been scooped by Tribune(NYSE: TRB) with a similar report earlier that day. And one can argue E.W. Scripps(NYSE: SSP) beat both to the punch a day earlier, projecting its newspaper ad revenues would climb by at least 3% next year.
Showing that there's still some pull left in the press, the ink-and-paper world of newspapers is back. At the Times, year-over-year advertising revenue shot up by 9.8% last month. With disposable income still at a premium, sponsors are paying up to be black and white and read all over.
Classified ads have been weak, however. It's a thin job market, so the want ads aren't running as long as they used to. The publisher is also reporting a slowdown in used car listings. With new car manufacturers such as Ford(NYSE: F) and General Motors(NYSE: GM) offering attractive financing terms to move production, used cars are more likely to be traded in than put up for sale.
Even with the late-year spurt, year-to-date ad revenue for the company is off by 2.4%, relative to last year's showing. That's why it will take a few more months of improvement before the turnaround is pegged as legitimate.
The Times will tell you when the news is fit to print. That is, if Tribune or Scripps don't reach you first.
