7 Jan 2009

New York Times carries front-page ads

8:54 am on 7 January 2009

The front page of the most prestigious newspaper in the United States now carries advertisements.

The New York Times on Monday carried a colour banner display for CBS television across the bottom of the page.

The paper has a staid but serious approach to news, for which it is known as the "Grey Lady".

The paper described the intrusion of advertising into the once-sacrosanct page as "the latest concession to the worst revenue slide since the Depression".

An article in the business pages said the move had been resisted "by traditionalists as commercial incursion into the most important news space in the paper".

The paper has a circulation of 2.8 million on weekdays and 4.2 million at weekends.

Advertising revenue for the New York Times Media Group, which also includes The International Herald Tribune, has fallen more than 20% in the past year.

The New York Times Co has announced plans to raise up to $US225 million by borrowing against its headquarters in Manhattan. The company is also reported to be looking to sell its stake in the Boston Red Sox baseball club.

The rival Tribune company, owner of The Los Angeles Times, declared bankruptcy in December.