Joe Pompeo reports on the latest newspaper industry statistics for the U.S.:
Print publishers no doubt cringed Wednesday as the latest doomsday statistics about their industry were released.
U.S. newspaper advertising revenue fell 7 percent in the first quarter of 2011, according to the Newspaper Association of America, bringing sales revenue to its lowest point in nearly three decades. A 5 percent increase in online ad revenue for legacy print publications was not enough to offset the 11.4 percent decline on the print side of the ledger. Combined advertising revenue for the quarter was $5.6 billion, versus roughly $6 billion during the same period a year earlier. You can view a spreadsheet with the results here.