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Goldman Sachs Slashes Newspaper Revenue Predictions
As the newspaper industry’s downturn combines with a broader economic slowdown, newspapers are facing what is likely to be a lousy year.
Goldman Sachs is forecasting a 7.9 percent decline in newspaper revenue, a significant increase over its earlier prediction of a 2.6 percent decline, writes MediaPost.
Classifieds will be particularly weak, with real estate, help wanted and auto - all categories susceptible to the web - also slipping.
Goldman Sachs also cut earnings forecasts for The New York Times Company, McClatchy, Gannett, Belo, Journal Communications and E.W. Scripps.