- The New York Times announced Wednesday that it would need to lay off 100 jobs through buyouts and layoffs.
- The news comes at a time when advertising revenue fell 4% in the most recent quarter. Revenue for digital advertising is expected to show growth of up to 16% in the third quarter, but it is not enough to salvage the hemorrhaging revenue of print advertising.
- The Times also announced it would be giving the mobile app NY Opinion the axe as it was not as successful as the company hoped it would be.
Ad sales for the Times were actually up pretty much all around—mobile, video, and digital—but it just wasn't enough to offset the "volatile" print ad sales. After several bleak years, it looked like news organizations were hitting a sweet spot with advertising dollars, but the announcement today reminds media organizations that there is still work to be done.