THE parent company of the publisher of The Herald newspaper is reported to have suffered a near eight per cent fall in advertising revenue.
According to figures released by US-based Gannett, its UK-based Newsquest Media Group – which includes The Herald, plus sister titles the Sunday Herald and the Evening Times, among its 189 titles – experienced a drop in advertising revenue by 7.9 per cent during the fourth quarter of last year. Earlier this month, Newsquest is believed to have asked staff in Wales, Gloucestershire and South Midlands to take a week’s unpaid holiday.
Reports The Guardian newspaper, Gannett stated, last October, Newsquest was still making a profit and called claims that the UK group was in a difficult financial situation a “myth”.
The Guardian adds that Newsquest is now “significantly underperforming Gannett’s US publishing division”, which saw a 4.8 per cent fall in advertising during the same time period.