The Wall Street Journal saw a 33 percent decline in advertising revenue during the quarter, according to a story about parent company News Corp.’s results.
Nat Worden of Dow Jones Newswires writes, “As for the news business, Murdoch reiterated his position that the business model has to change. ‘Even though the present situation I think has been greatly exaggerated by the current recession, revenues are undoubtedly migrating to the Web, probably not to return.’
“Devoe said The Wall Street Journal posted a decline in third-quarter ad revenue of 33%, leading to a drop in the operating results of Dow Jones & Co., publisher of this newswire as well as the Journal.
“‘There’s no doubt that the traditional newspaper model has to change,’ Murdoch said, adding that he expects ad revenue from the newspaper’s Web site, WSJ.com, to grow by 20% in the company’s fourth quarter.
“Murdoch also said the company is exploring a number of ways to derive revenue from online news content, including online subscription models and the use of mobile devices.”
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