Advertising plummets 45% at Wall Street Journal
LONDON - Dow Jones, publisher of The Wall Street Journal, has said that advertising linage for its flagship daily plummeted 45.2% in November, compared with an 11.9% drop last year.
The publisher said that the events of September 11 were still having an effect on sales and that 4% of ads cancelled or withheld in November were due to the terrorist attacks.
Technology linage was down 66.6% during that month and financial advertising linage declined 54.7% due to a slowdown in advertising from brokers and traders. Classified ad linage for November was down 15.8%.
For the year to date, the title said linage nose-dived 37.8% against an increase of 18.7% last year, while fourth-quarter linage-to-date plunged 42.7% against an increase of 1.7% last time.
Last month, the company warned that fourth-quarter advertising linage at the Journal could be down in the range of 35%-45%, while earnings before special items could be between 25-35 cents a diluted share.
Last week, Dow Jones announced plans to redesign the newspaper and its online version, WSJ.com, following four years of planning and £162m in capital expenditure.
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