New media ads for old media firms
Newspapers displayed on a news stand
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Scott Jagow: As far as newspapers go, the New York Times is in better shape than most. But that's not saying much. This morning, the paper said it's getting rid of 100 reporters.
The Times and other papers are just been getting killed by Internet advertising. But today, a group of news companies will announce a new strategy. Marketplace's Janet Babin reports from North Carolina Public Radio:
Janet Babin: Four of the country's top media firms are uniting behind one online advertising company. Gannett, along with Tribune, Hearst and The New York Times, will partner with QuadrantONE. The company will offer online ads that reach about one-fifth of the U.S. population through more than 100 different websites.
Jeff Gregory is CEO of marketing firm Brand Counsel LLC. He says it's an unusual deal:
Jeff Gregory: I'm not sure if they've just decided to get all four of the deck chairs on the Titanic in the same place, or if they really can keep things afloat. It's very interesting that you would have disparate publishers like this who are usually very territorial willing to come together.
Gregory says its proof that newspapers continue to struggle to keep up with new media. But the alliance will put papers on more equal footing in the competition for ad dollars. Right now, most of those dollars are going to national portals like Yahoo.
I'm Janet Babin for Marketplace.