More newspaper giants are struggling.
The Washington Post Co. reported a quarterly net loss, as print advertising revenue plunged more than 30% at its flagship newspaper. The Post posted a net loss of $19.5 million in the first quarter of 2009, compared with a net profit of $39.3 million in the same quarter last year. It was the second time in less than a year that the Post fell into the red. It recorded its first ever net loss in the second quarter of 2008.
Meanwhile, right next door, the Baltimore Sun slashed its newsroom by nearly a third in the latest cuts at the ailing newspaper owned by the bankrupt Tribune Co. Sixty-one staffers in the newspaper's 205-person newsroom were laid off at the end of April. The move came one week after another Tribune paper, the Chicago Tribune, eliminated 53 jobs in its newsroom.