Debates about whether the industry's decline has been due to a cyclical slowdown or a secular shift of readers and advertisers to the internet have been rendered moot by an economic and financial crisis threatening revenues and publishers' ability to refinance.
“It was bad back in July and August. I think people were a little hopeful going into the fall, but the deterioration re-accelerated,” said David Hamburger, an analyst with Citi Investment Research. “The amount of financial leverage these companies have undertaken takes its toll when you're under cyclical and secular pressures.”
Newspaper Association of America figures show that advertising revenues have been falling since the summer of 2006.
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