{"id":87752,"date":"2020-10-29T16:02:03","date_gmt":"2020-10-29T21:02:03","guid":{"rendered":""},"modified":"2024-08-06T12:00:07","modified_gmt":"2024-08-06T16:00:07","slug":"coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives","status":"publish","type":"post","link":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives\/","title":{"rendered":"Coronavirus-Driven Downturn Hits Newspapers Hard as TV News Thrives"},"content":{"rendered":"<div style=\"border-width:1px;padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-top:var(--wp--preset--spacing--20);--block-gap: inherit\" class=\"wp-block-prc-block-collapsible has-background has-ui-beige-very-light-background-color has-border-color has-ui-beige-dark-border-color\" id=\"how-we-did-this\" data-wp-interactive=\"{&quot;namespace&quot;:&quot;prc-block\\\/collapsible&quot;}\" data-wp-context=\"{&quot;collapsibleId&quot;:&quot;how-we-did-this&quot;,&quot;isOpen&quot;:false}\" data-wp-class--is-open=\"context.isOpen\" data-wp-init--scroll-into-view=\"callbacks.onInitScrollIntoView\"><div class=\"wp-block-prc-block-collapsible__title\" data-wp-on--click=\"actions.onClick\"><div>How we did this<\/div><button class=\"wp-block-prc-block-collapsible__icon\"><span data-wp-bind--hidden=\"context.isOpen\"><i class=\"icon icon-library__light icon__circle-plus\"><svg style=\"width: 1em; height: 1em;\"><use xlink:href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/plugins\/prc-icon-library\/build\/icons\/sprites\/light.svg#circle-plus\"><\/use><\/svg><\/i><\/span><span data-wp-bind--hidden=\"!context.isOpen\" hidden><i class=\"icon icon-library__light icon__circle-minus\"><svg style=\"width: 1em; height: 1em;\"><use xlink:href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/plugins\/prc-icon-library\/build\/icons\/sprites\/light.svg#circle-minus\"><\/use><\/svg><\/i><\/span><\/button><\/div><div class=\"wp-block-prc-block-collapsible__content\">\n\n<p class=\"wp-block-paragraph\">This report studies the impact of the <a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/topics\/coronavirus-disease-2019-covid-19\/\">coronavirus outbreak<\/a> on the financial fortunes of the U.S. news media industry. It analyzes financial data using methods similar to our <a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/topics\/state-of-the-news-media\/\">state of the news media fact sheets<\/a>. In all cases, revenue is not adjusted for inflation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Data on newspapers and local TV news comes from Securities and Exchange Commission filings of publicly traded media companies. Only companies in each sector that reported quarterly financial information for the quarter ending June 30, 2020, are included (six for newspapers, five for local TV); <a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/news-industry-and-covid-19-appendix-detailed-tables\/\">see detailed tables<\/a>&nbsp;for list of companies. Together, these companies own over 300 daily newspapers and over 600 local TV stations. (Consequently, the results for individual newspapers or stations largely cannot be reported.) Publicly traded companies that own newspapers or local TV stations but did not report the details of these stations\u2019 revenue (e.g., ad revenue) are not included.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Data is reported at the individual company level, and when summarizing across companies, median results (i.e., the midpoint when ordering all companies from highest to lowest) are reported. Year-over-year changes are reported \u2013 largely comparing the second quarter of 2020 with the second quarter of 2019 \u2013 to avoid capturing seasonal fluctuations in economic activity. Figures from a given year are as reported in the quarterly filing that year; revised figures included in subsequent years\u2019 filings are not used.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For both newspaper and local TV news companies, there were many mergers and acquisitions over the 14 years studied here, and so a rise in revenue for a particular company may, in some cases, reflect the company acquiring additional media properties in a merger or purchase. For 2020, however, efforts were made when possible to ensure a valid year-over-year comparison with 2019. Lee Enterprises completed <a href=\"https:\/\/www.mediapost.com\/publications\/article\/346368\/lee-enterprises-buys-bh-media-groups-newspapers-f.html\">its acquisition<\/a> of Berkshire Hathaway\u2019s newspaper group in <a href=\"https:\/\/www.globenewswire.com\/news-release\/2020\/03\/16\/2001071\/0\/en\/Lee-Enterprises-completes-acquisition-of-Berkshire-Hathaway-newspaper-operations.html\">March 2020<\/a>, and so \u201csame-store\u201d numbers \u2013 which indicate what revenue would have been without the acquisition \u2013 are used for 2020. New Media and Gannett merged in <a href=\"https:\/\/www.businesswire.com\/news\/home\/20191119005997\/en\/New-Media-and-Gannett-Complete-Merger-Creating-Leading-U.S.-Print-and-Digital-News-Organization\">late 2019<\/a>, keeping the name Gannett, and so for all prior years, revenue for Gannett and New Media are combined (and are referred to as \u201cGannett\u201d throughout).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the local TV category, Nexstar merged with Tribune in <a href=\"https:\/\/www.nexttv.com\/news\/nexstar-completes-acquisition-of-tribune-station-group\">September 2019<\/a>, and so for 2020, revenue from acquisitions has been backed out to calculate what revenue would have been without the acquisition of these additional stations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Data on cable and network TV news comes from Kantar. Since this data encompasses the universe of major cable and network TV news providers, revenue figures can be summed across the three networks (for cable, Fox News, CNN and MSNBC, and for network, ABC, CBS and NBC) to be summarized as total revenue across the sector (not as medians). The networks can also be analyzed individually.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Quarterly data is not available for radio, public broadcasting or digital news companies.[1. The Federal Reserve Bank of St. Louis does produce <a href=\"https:\/\/fred.stlouisfed.org\/categories\/33592\">industry-level estimates of ad revenue <\/a>for some news-producing industries, including radio and digital.] In the Hispanic media sector, results are <a href=\"https:\/\/s2.q4cdn.com\/417187916\/files\/doc_financials\/2020\/q2\/FINAL-Earnings-Release-Q2-2020.pdf\">available for Univision<\/a>, but they are not included here to avoid focusing exclusively on one organization.<\/p>\n\n<\/div><\/div>\n\n\n<figure class=\"wp-block-image alignright size-420-wide\"><a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives\/pj_2020-10-28_covid-news-industry_0-01-png\/\"><img data-dominant-color=\"f1f0ef\" data-has-transparency=\"false\" style=\"--dominant-color: #f1f0ef;\" loading=\"lazy\" decoding=\"async\" sizes=\"auto, (max-width: 420px) 100vw, 420px\" height=\"552\" width=\"420\" src=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-01.png?w=779\" alt=\"U.S. news media sectors experience widely varying economic impacts of coronavirus downturn\" class=\"wp-image-108545 not-transparent\" srcset=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-01.png 846w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-01.png?resize=228,300 228w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-01.png?resize=768,1009 768w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-01.png?resize=779,1024 779w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-01.png?resize=308,405 308w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-01.png?resize=200,263 200w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-01.png?resize=260,342 260w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-01.png?resize=310,407 310w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-01.png?resize=420,552 420w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-01.png?resize=640,841 640w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-01.png?resize=740,973 740w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-01.png?resize=160,210 160w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-01.png?resize=320,421 320w\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The coronavirus outbreak has had a major impact on the U.S. economy, wiping out <a href=\"https:\/\/www.nytimes.com\/2020\/07\/30\/business\/economy\/q2-gdp-coronavirus-economy.html\">five years of growth<\/a> in the second quarter of 2020.[2. In the third quarter of 2020, the U.S. economy recovered <a href=\"https:\/\/www.washingtonpost.com\/business\/2020\/10\/29\/third-quarter-gdp-economy\/\">a sizable portion<\/a> of what it lost during the pandemic.\u201d] The news media have responded to these financial pressures with new closings and layoffs, adding to those that have already occurred over the <a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/short-reads\/2019\/08\/01\/large-u-s-newspapers-layoffs-2018\/\">last several years<\/a> \u2013 though the government\u2019s paycheck protection loans program may have <a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/short-reads\/2020\/10\/29\/nearly-2800-newspaper-companies-received-ppp-loans\/\">provided some relief<\/a>. But not all sectors, or organizations, have been affected equally.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Newspaper companies have been hit especially hard. Among the six publicly traded newspaper companies studied \u2013 major chains that own over 300 daily papers \u2013 advertising revenue fell by a median of 42% year over year (i.e., comparing the second quarter of 2020 with the second quarter of 2019).[3. For newspapers and local TV, only publicly traded company that reported detailed quarterly revenue in Q2 2020 are analyzed. Data is recorded at the individual company level, and when summarizing across companies, the median (the midpoint when ordering all companies from highest to lowest) is reported. See the box titled \u201cWhat is a median, and why is it used to measure change here?\u201d for more on medians.] By contrast, total ad revenue across the three major cable news networks was steady overall, but there were sharp differences between the networks: While ad revenue for MSNBC and CNN declined by double digits, Fox News Channel\u2019s revenue <em>rose<\/em> by 41%.<\/p>\n\n\n<div style=\"border-width:1px;padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-top:var(--wp--preset--spacing--20);--block-gap: inherit\" class=\"wp-block-prc-block-collapsible has-background has-ui-beige-very-light-background-color has-border-color has-ui-beige-dark-border-color\" id=\"what-is-a-median-and-why-is-it-used-to-measure-change-here\" data-wp-interactive=\"{&quot;namespace&quot;:&quot;prc-block\\\/collapsible&quot;}\" data-wp-context=\"{&quot;collapsibleId&quot;:&quot;what-is-a-median-and-why-is-it-used-to-measure-change-here&quot;,&quot;isOpen&quot;:false}\" data-wp-class--is-open=\"context.isOpen\" data-wp-init--scroll-into-view=\"callbacks.onInitScrollIntoView\"><div class=\"wp-block-prc-block-collapsible__title\" data-wp-on--click=\"actions.onClick\"><div>What is a median, and why is it used to measure change here?<\/div><button class=\"wp-block-prc-block-collapsible__icon\"><span data-wp-bind--hidden=\"context.isOpen\"><i class=\"icon icon-library__light icon__circle-plus\"><svg style=\"width: 1em; height: 1em;\"><use xlink:href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/plugins\/prc-icon-library\/build\/icons\/sprites\/light.svg#circle-plus\"><\/use><\/svg><\/i><\/span><span data-wp-bind--hidden=\"!context.isOpen\" hidden><i class=\"icon icon-library__light icon__circle-minus\"><svg style=\"width: 1em; height: 1em;\"><use xlink:href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/plugins\/prc-icon-library\/build\/icons\/sprites\/light.svg#circle-minus\"><\/use><\/svg><\/i><\/span><\/button><\/div><div class=\"wp-block-prc-block-collapsible__content\">\n\n<p class=\"wp-block-paragraph\">The median is the middle number in a list of figures sorted in ascending or descending order. For instance, the median of [1, 2, 3, 5, 8] is 3. If there are an even number of figures, the median is halfway in between the middle two figures; the median of [1, 4, 6, 7] is 5. In this report, revenue totals for newspaper and local TV companies were not combined to calculate an industry total. Instead, the changes at each individual company were calculated, and the median of these year-over-year changes was taken as described above. Throughout this report, the median year-over-year change is reported as a way of summarizing the revenue picture among the publicly traded companies analyzed in each sector (six for newspapers, five for local TV). Since each company represents a different number of news outlets (e.g., Belo represents one newspaper while Gannett represents dozens), taking the average would represent a skewed summary.<\/p>\n\n<\/div><\/div>\n\n\n<p class=\"wp-block-paragraph\">Ad revenue for the five local TV news companies studied (which together own or operate at least 600 individual stations) was also down in the second quarter of this year, but increases in retransmission fees more than made up for this.[4. Retransmission fees are paid by cable companies for the right to carry local TV stations in their home market. In <a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/fact-sheet\/local-tv-news\/\">the past<\/a>, retransmission fee revenue was considerably lower than ad revenue, but in Q2 2020, median retransmission revenue was 46% higher than median ad revenue among the local TV company analyzed.] Meanwhile, ad revenue for nightly network TV news at the three broadcast networks (ABC, CBS and NBC) increased over the same period, as audiences have been <a href=\"https:\/\/www.hollywoodreporter.com\/live-feed\/network-newscasts-keep-up-ratings-momentum-pandemic-1291263\">turning to TV in record numbers<\/a> for news about the outbreak.[5. A detailed breakdown of revenue by type is not available for cable and network TV.]<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The rest of this report looks at each of these four sectors of the news industry in more detail.<\/p>\n\n\n\n<h3 data-is-section=\"true\" data-wp-context=\"{&quot;id&quot;:&quot;early-in-pandemic-u-s-newspapers-saw-sharp-declines-in-ad-revenue&quot;}\" data-wp-interactive=\"{&quot;namespace&quot;:&quot;prc-block\\\/table-of-contents&quot;}\" class=\"wp-block-heading\" id=\"early-in-pandemic-u-s-newspapers-saw-sharp-declines-in-ad-revenue\">Early in pandemic, U.S. newspapers saw sharp declines in ad revenue<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">U.S. newspapers have been in a <a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/fact-sheet\/newspapers\/\">long economic downturn<\/a>. While some <a href=\"https:\/\/www.niemanlab.org\/2020\/02\/the-wall-street-journal-joins-the-new-york-times-in-the-2-million-digital-subscriber-club\/\">national newspaper brands<\/a> have reported audience growth in recent years, the industry overall (which extends to hundreds of local papers throughout the country) experienced a sharp decline in ad revenue amid the Great Recession and has yet to recover.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-640-wide\"><a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives\/pj_2020-10-28_covid-news-industry_0-02-png\/\"><img data-dominant-color=\"f5f4f3\" data-has-transparency=\"false\" style=\"--dominant-color: #f5f4f3;\" loading=\"lazy\" decoding=\"async\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" height=\"565\" width=\"640\" src=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-02.png?w=1024\" alt=\"Amid coronavirus pandemic, newspaper ad revenue falls sharply in 2020\" class=\"wp-image-108599 not-transparent\" srcset=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-02.png 1280w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-02.png?resize=300,265 300w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-02.png?resize=768,678 768w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-02.png?resize=1024,904 1024w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-02.png?resize=459,405 459w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-02.png?resize=200,177 200w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-02.png?resize=260,230 260w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-02.png?resize=310,274 310w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-02.png?resize=420,371 420w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-02.png?resize=640,565 640w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-02.png?resize=740,653 740w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-02.png?resize=160,141 160w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-02.png?resize=320,283 320w\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ad revenue historically has been the industry\u2019s biggest single revenue stream, although many newspapers have made efforts in recent years to orient their business models more around revenue <a href=\"https:\/\/www.niemanlab.org\/2017\/01\/this-is-the-new-york-times-digital-path-forward\/\">directly from readers<\/a> \u2013 such as through online or print subscriptions. Despite this, <a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/fact-sheet\/newspapers\/\">overall circulation and subscription revenue<\/a> has barely budged over the past 10 years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, with the coronavirus-driven downturn, the six publicly traded newspaper companies analyzed here (which collectively own over 300 newspapers) have seen a year-over-year fall in both types of revenue.[6. Note that this group includes McClatchy, which declared bankruptcy in <a href=\"https:\/\/www.npr.org\/2020\/02\/13\/805760494\/publisher-mcclatchy-co-files-for-bankruptcy-disrupting-30-newspapers\">February 2020<\/a> but continued normal operations. Their performance in Q2 was not notably different than the other five companies analyzed here. They were sold to hedge fund Chatham Asset Management in <a href=\"https:\/\/www.nytimes.com\/2020\/08\/04\/business\/media\/mcclatchy-newspapers-bankrutpcy-chatham.html\">August 2020<\/a>.]<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The median ad revenue among these publicly traded newspaper companies fell by 42% in the second quarter of 2020 when compared with the second quarter of 2019. This pattern was similar for all six newspaper companies analyzed here, with even the least-affected company, Gannett, showing a 35% decline in ad revenue year over year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Digital ads represent a newer source of revenue for newspapers as their overall circulation declines. Such ads can reach not only subscribers, but visitors to the free offerings on newspapers\u2019 websites. But digital ad revenue offered little relief in the early days of the pandemic. Digital ad revenue fell by a median of 32% year over year in the second quarter. (<a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/news-industry-and-covid-19-appendix-detailed-tables\/\">See Appendix for detailed tables<\/a> with full data.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Circulation revenue, which has been steady in recent years, declined in Q2 2020, though by a median of only 8%. Even at the worst-hit companies (Gannett and Lee), circulation revenue declined by a relatively low 14%. As a result, three of these six companies now have more revenue coming in from circulation than from ads \u2013 an unthinkable state of affairs a decade ago, when overall ad revenue was <a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/chart\/sotnm-newspapers-newspaper-industry-estimated-advertising-and-circulation-revenue\/\">two-and-a-half times higher<\/a> than overall circulation revenue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, Belo brought in similar amounts from subscriptions and circulation and from ads (about $16 million for each) in the second quarter of 2020. By comparison, in the second quarter of 2010, Belo brought in $77 million in ad revenue and $35.5 million from subscriptions and circulation.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-640-wide\"><a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives\/pj_2020-10-28_covid-news-industry_0-03-png\/\"><img data-dominant-color=\"eaeaea\" data-has-transparency=\"false\" style=\"--dominant-color: #eaeaea;\" loading=\"lazy\" decoding=\"async\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" height=\"328\" width=\"640\" src=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-03.png?w=1024\" alt=\"Newspaper circulation revenue declined in Q2 2020, but not as much as ad revenue\" class=\"wp-image-108551 not-transparent\" srcset=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-03.png 1286w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-03.png?resize=300,154 300w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-03.png?resize=768,394 768w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-03.png?resize=1024,526 1024w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-03.png?resize=789,405 789w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-03.png?resize=200,103 200w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-03.png?resize=260,133 260w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-03.png?resize=310,159 310w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-03.png?resize=420,216 420w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-03.png?resize=640,328 640w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-03.png?resize=740,380 740w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-03.png?resize=160,82 160w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-03.png?resize=320,164 320w\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">In percentage terms, newspaper companies that reported revenue in both periods seemed to fare worse financially this spring than they did during the Great Recession of December 2007 through June 2009. Ad revenue for newspaper companies also dipped sharply during the Great Recession, with median declines of 11% and 30%, respectively, in the second quarters of 2008 and 2009 among these companies (<a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/news-industry-and-covid-19-appendix-detailed-tables\/\">see Appendix for detailed tables<\/a>).[7. It should be noted that the second quarter of 2020 was, so far, the worst single quarter of the current recession. To avoid issues arising from seasonality, these comparisons are to Q2 2008 and Q2 2009. However, <a href=\"https:\/\/www.washingtonpost.com\/news\/wonk\/wp\/2014\/06\/25\/the-economy-just-had-its-worst-quarter-since-the-great-recession-heres-why-you-shouldnt-worry\/\">Q2 2008 was a relatively positive one for the last recession<\/a>, though Q2 2009 saw negative gross domestic product growth. The worst quarter in the previous recession was the first quarter of 2009.] Still, this does not match the dramatic year-over-year median fall of 42% in the second quarter of 2020. And circulation revenue was roughly steady in 2008 and 2009, compared with the 8% median year-over-year decline in the second quarter of 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some newspaper companies have turned to other sources of revenue to fill the gap left by falling ad revenue. This includes revenue from events, marketing services, commercial printing, affiliate fees from product recommendations, and \u2013 for <a href=\"https:\/\/digiday.com\/future-of-tv\/new-york-times-building-tv-business-moving-movies\/\">The New York Times, at least<\/a> \u2013 television shows. But these sources did not offer much help in the second quarter of 2020, as most companies saw their \u201cother\u201d revenue <a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/news-industry-and-covid-19-appendix-detailed-tables\/\">decline by double digits<\/a>. This was especially notable for the Times, which experienced substantial year-over-year increases in this \u201cother\u201d revenue in the second quarters of 2018 and 2019 (40% and 30%, respectively) before a 5% drop in that period in 2020.[8. Tribune reported a 24% year-over-year decline in other revenue in Q2 2020 based on restated 2019 data. The data shown here does not incorporate restated data for previous years and so show a 20% increase.]<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a time of falling revenue, companies may be moved to cut expenses \u2013 such as payroll. Of the four companies that reported compensation expenses in the second quarter of 2020, all showed a double-digit percentage decline year over year, with a median decline across the four of 20 percentage points.[9. In 2020, The New York Times began rolling compensation expenses into an overall \u201ccost of revenue\u201d measure that includes infrastructure and other costs of producing the paper, so no standalone labor expense figure is available. They do note that \u201cjournalism costs\u201d of $1.9 million were higher in Q2 2020, \u201clargely driven by an increase in the number of newsroom employees.\u201d Prior to 2020, the Times was unique in seeing their compensation expenses rise since 2017.] For most of these companies, this figure has been falling steadily over the past decade or more, reflecting the 51% decline in <a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/short-reads\/2020\/04\/20\/u-s-newsroom-employment-has-dropped-by-a-quarter-since-2008\/\">newspaper newsroom jobs<\/a> between 2008 and 2019.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-640-wide\"><a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives\/pj_2020-10-28_covid-news-industry_0-04a-png\/\"><img data-dominant-color=\"eaeaea\" data-has-transparency=\"false\" style=\"--dominant-color: #eaeaea;\" loading=\"lazy\" decoding=\"async\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" height=\"307\" width=\"640\" src=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-04a.png?w=1024\" alt=\"Newspaper wage and compensation expenses continue long decline\" class=\"wp-image-108607 not-transparent\" srcset=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-04a.png 1284w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-04a.png?resize=300,144 300w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-04a.png?resize=768,368 768w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-04a.png?resize=1024,491 1024w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-04a.png?resize=844,405 844w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-04a.png?resize=200,96 200w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-04a.png?resize=260,125 260w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-04a.png?resize=310,149 310w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-04a.png?resize=420,201 420w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-04a.png?resize=640,307 640w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-04a.png?resize=740,355 740w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-04a.png?resize=160,77 160w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-04a.png?resize=320,154 320w\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<h3 data-is-section=\"true\" data-wp-context=\"{&quot;id&quot;:&quot;sharp-differences-in-revenue-across-cable-news-networks&quot;}\" data-wp-interactive=\"{&quot;namespace&quot;:&quot;prc-block\\\/table-of-contents&quot;}\" class=\"wp-block-heading\" id=\"sharp-differences-in-revenue-across-cable-news-networks\">Sharp differences in revenue across cable news networks<\/h3>\n\n\n\n<figure class=\"wp-block-image alignright size-420-wide\"><a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives\/pj_2020-10-28_covid-news-industry_0-05-png\/\"><img data-dominant-color=\"eeedeb\" data-has-transparency=\"false\" style=\"--dominant-color: #eeedeb;\" loading=\"lazy\" decoding=\"async\" sizes=\"auto, (max-width: 420px) 100vw, 420px\" height=\"448\" width=\"420\" src=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-05.png?w=844\" alt=\"Cable news ad revenue varies by network in early days of pandemic: Fox News rises, CNN and MSNBC fall\" class=\"wp-image-108563 not-transparent\" srcset=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-05.png 844w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-05.png?resize=281,300 281w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-05.png?resize=768,819 768w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-05.png?resize=380,405 380w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-05.png?resize=200,213 200w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-05.png?resize=260,277 260w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-05.png?resize=310,331 310w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-05.png?resize=420,448 420w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-05.png?resize=640,682 640w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-05.png?resize=740,789 740w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-05.png?resize=160,171 160w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-05.png?resize=320,341 320w\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">In contrast with newspapers, the three major cable news networks have seen their ad revenue <a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/fact-sheet\/cable-news\/\">grow steadily<\/a> over the past decade. In many ways, the second quarter of 2020 was not extraordinarily unusual for the cable news networks: Total ad revenue across the three networks was roughly steady, up 2% year over year, at $422 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But the story was very different depending on the network. Fox News Channel, driven by <a href=\"https:\/\/www.nytimes.com\/2020\/08\/09\/business\/media\/fox-news-ratings.html\">surging ratings<\/a>, experienced its sharpest year-over-year second-quarter ad revenue increase going back to 2007, rising 41%.[10. Though raw dollar figures should not be compared between 2018-2020 and any previous year, year-over-year percentage changes can be compared across these periods (aside from 2017-2018, when the methodology changed). As long as a methodology is consistent over a given two-year period, year-over-year percentage changes are comparable between this period and another two-year period even if the methodology changes in between.] But CNN and MSNBC both saw their ad revenue decline, with CNN\u2019s falling 14% and MSNBC\u2019s falling 27% \u2013 despite the fact that both networks <a href=\"https:\/\/www.hollywoodreporter.com\/live-feed\/tv-ratings-cable-news-has-record-setting-second-quarter-1301220\">grew their audiences<\/a> as well, with CNN more than doubling its total primetime audience over the year prior. In other words, with many people subject to stay-at-home orders in the spring, Americans were watching cable TV news in greater numbers. But this did not lead to greater revenues across the board \u2013 which could be due to <a href=\"https:\/\/www.cnbc.com\/2020\/05\/08\/tv-advertising-bracing-for-tough-quarter-amid-coronavirus-pandemic.html\">a number of factors<\/a>.[11. According to Kantar, \u201cContributing to the softness seen in CNN and MSNBC\u2019s revenue has been a heavy preemptive news cycle, featuring live coverage of presidential and local government coronavirus briefings, Black Lives Matter events, and election related content, resulting in extended ad-free air time and overall reductions in commercial loads. These factors had less effect on Fox\u2019s revenue.\u201d]<\/p>\n\n\n\n<h3 data-is-section=\"true\" data-wp-context=\"{&quot;id&quot;:&quot;local-tv-news-companies-grow-their-retransmission-fees-even-as-ad-dollars-wane&quot;}\" data-wp-interactive=\"{&quot;namespace&quot;:&quot;prc-block\\\/table-of-contents&quot;}\" class=\"wp-block-heading\" id=\"local-tv-news-companies-grow-their-retransmission-fees-even-as-ad-dollars-wane\">Local TV news companies grow their retransmission fees even as ad dollars wane<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Among five publicly traded local TV companies that reported detailed revenue in the second quarter of this year, ad revenue fell by a median of 24%. Together, these companies own or operate over 600 stations across the U.S.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-640-wide\"><a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives\/pj_2020-10-28_covid-news-industry_0-06-png\/\"><img data-dominant-color=\"f2f1f1\" data-has-transparency=\"false\" style=\"--dominant-color: #f2f1f1;\" loading=\"lazy\" decoding=\"async\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" height=\"316\" width=\"640\" src=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-06.png?w=1024\" alt=\"Ad revenue at local TV companies down in second quarter of 2020\" class=\"wp-image-108567 not-transparent\" srcset=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-06.png 1278w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-06.png?resize=300,148 300w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-06.png?resize=768,380 768w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-06.png?resize=1024,506 1024w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-06.png?resize=819,405 819w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-06.png?resize=200,99 200w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-06.png?resize=260,129 260w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-06.png?resize=310,153 310w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-06.png?resize=420,208 420w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-06.png?resize=640,316 640w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-06.png?resize=740,366 740w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-06.png?resize=160,79 160w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-06.png?resize=320,158 320w\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">More specifically, revenue from political ads for local TV news <a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/fact-sheet\/local-tv-news\/\">is predictably cyclical<\/a>, with even-numbered election years seeing a surge in political ad dollars. Indeed, political advertising revenue was up dramatically for all five companies in the second quarter of 2020 compared with 2019. But when comparing this year with the midterm election year of 2018, political ad revenue was down for most of these companies \u2013 including by margins of more than 30% between the second quarter of 2018 and the second quarter of 2020 for Nexstar, Sinclair and Tegna. Looking further back, however, the data shows that political ad revenue for local TV companies is up across the board compared with the last presidential election year of 2016.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-640-wide\"><a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives\/pj_2020-10-28_covid-news-industry_0-07-png\/\"><img data-dominant-color=\"ededed\" data-has-transparency=\"false\" style=\"--dominant-color: #ededed;\" loading=\"lazy\" decoding=\"async\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" height=\"312\" width=\"640\" src=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-07.png?w=1024\" alt=\"Local TV political ad revenue in Q2 down from 2018, but higher than 2016\" class=\"wp-image-108570 not-transparent\" srcset=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-07.png 1286w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-07.png?resize=300,146 300w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-07.png?resize=768,374 768w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-07.png?resize=1024,498 1024w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-07.png?resize=832,405 832w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-07.png?resize=200,97 200w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-07.png?resize=260,127 260w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-07.png?resize=310,151 310w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-07.png?resize=420,204 420w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-07.png?resize=640,312 640w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-07.png?resize=740,360 740w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-07.png?resize=160,78 160w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-07.png?resize=320,156 320w\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">For some time now, local TV stations have had a second source of revenue: retransmission fees paid by cable providers for the right to carry the local stations in their home markets. And these were up sharply in the second quarter of 2020: Retransmission fee revenue at publicly traded local TV companies saw a median year-over-year increase of 37%, possibly driven by <a href=\"https:\/\/www.wsj.com\/articles\/local-tv-sees-spike-in-viewers-drop-in-ads-in-coronavirus-crisis-11585915203\">spikes in viewership<\/a>. In real dollars, this equates to a jump of $87.3 million in median revenue, more than making up for the fall in median advertising revenue among these companies ($67.9 million). Sinclair had the biggest jump in retransmission revenue of any company \u2013 up 175% year over year, from $367 million in the second quarter of 2019 to more than $1 billion in the second quarter of this year. In the second quarter of 2020, median retransmission fees were 46% higher than median advertising revenue among these local TV companies.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-640-wide\"><a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives\/pj_2020-10-28_covid-news-industry_0-08-png\/\"><img data-dominant-color=\"ececec\" data-has-transparency=\"false\" style=\"--dominant-color: #ececec;\" loading=\"lazy\" decoding=\"async\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" height=\"311\" width=\"640\" src=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-08.png?w=1024\" alt=\"Local TV retransmission revenue up sharply during coronavirus-driven downtown\" class=\"wp-image-108573 not-transparent\" srcset=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-08.png 1284w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-08.png?resize=300,146 300w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-08.png?resize=768,373 768w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-08.png?resize=1024,498 1024w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-08.png?resize=833,405 833w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-08.png?resize=200,97 200w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-08.png?resize=260,126 260w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-08.png?resize=310,151 310w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-08.png?resize=420,204 420w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-08.png?resize=640,311 640w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-08.png?resize=740,360 740w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-08.png?resize=160,78 160w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-08.png?resize=320,156 320w\" \/><\/a><\/figure>\n\n\n\n<h3 data-is-section=\"true\" data-wp-context=\"{&quot;id&quot;:&quot;nightly-network-tv-revenues-increase-as-ratings-soar&quot;}\" data-wp-interactive=\"{&quot;namespace&quot;:&quot;prc-block\\\/table-of-contents&quot;}\" class=\"wp-block-heading\" id=\"nightly-network-tv-revenues-increase-as-ratings-soar\">Nightly network TV revenues increase as ratings soar<\/h3>\n\n\n\n<figure class=\"wp-block-image alignright size-420-wide\"><a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives\/pj_2020-10-28_covid-news-industry_0-09-png\/\"><img data-dominant-color=\"f1f0ed\" data-has-transparency=\"false\" style=\"--dominant-color: #f1f0ed;\" loading=\"lazy\" decoding=\"async\" sizes=\"auto, (max-width: 420px) 100vw, 420px\" height=\"450\" width=\"420\" src=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-09.png?w=844\" alt=\"Nightly network TV news ad revenue up 11% in second quarter of 2020\" class=\"wp-image-108578 not-transparent\" srcset=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-09.png 844w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-09.png?resize=280,300 280w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-09.png?resize=768,823 768w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-09.png?resize=378,405 378w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-09.png?resize=200,214 200w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-09.png?resize=260,278 260w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-09.png?resize=310,332 310w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-09.png?resize=420,450 420w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-09.png?resize=640,685 640w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-09.png?resize=740,793 740w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-09.png?resize=160,171 160w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-09.png?resize=320,343 320w\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Audiences have been turning to the network nightly news in <a href=\"https:\/\/www.hollywoodreporter.com\/live-feed\/network-newscasts-keep-up-ratings-momentum-pandemic-1291263\">record numbers<\/a> during the coronavirus outbreak, outpacing even cable\u2019s gains, so it is not surprising that network TV news advertising revenue has increased as well.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Total network nightly news ad revenue rose 11% year over year as of the second quarter this year, outpacing its performance in the comparable presidential election years of 2016 (up 5% year over year) and 2012 (up 5%).[12. Though raw dollar figures should not be compared between 2018-2020 and any previous year, year-over-year percentage changes can be compared across these periods (aside from 2017-2018, when the methodology changed). As long as a methodology is consistent over a given two-year period, year-over-year percentage changes are comparable between this period and another two-year period even if the methodology changes in between.] This is driven by ABC\u2019s 21% rise, though CBS (3%) and NBC (7%) also rose.<\/p>\n\n\n\n<figure class=\"wp-block-image alignright size-420-wide\"><a href=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives\/pj_2020-10-28_covid-news-industry_0-10-png\/\"><img data-dominant-color=\"f1f0ee\" data-has-transparency=\"false\" style=\"--dominant-color: #f1f0ee;\" loading=\"lazy\" decoding=\"async\" sizes=\"auto, (max-width: 420px) 100vw, 420px\" height=\"470\" width=\"420\" src=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-10.png?w=844\" alt=\"Morning network TV news revenue down slightly in second quarter of 2020\" class=\"wp-image-108582 not-transparent\" srcset=\"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-10.png 844w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-10.png?resize=268,300 268w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-10.png?resize=768,859 768w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-10.png?resize=362,405 362w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-10.png?resize=200,224 200w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-10.png?resize=260,291 260w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-10.png?resize=310,347 310w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-10.png?resize=420,470 420w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-10.png?resize=640,716 640w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-10.png?resize=740,828 740w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-10.png?resize=160,179 160w, https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.28_covid-news-industry_0-10.png?resize=320,358 320w\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The story has been different for network morning news shows. Total ad revenue across the three networks fell 4% year over year in the second quarter, which is somewhat unusual compared with the presidential election years of 2016 (up 2% year over year) and 2012 (up 4%). ABC\u2019s ad revenue was roughly unchanged, while CBS and NBC experienced modest declines in the second quarter of 2020.[13. Though raw dollar figures should not be compared between 2018-2020 and any previous year, year-over-year percentage changes can be compared across these periods (aside from 2017-2018, when the methodology changed). As long as a methodology is consistent over a given two-year period, year-over-year percentage changes are comparable between this period and another two-year period even if the methodology changes in between.]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Among the six publicly traded newspaper companies studied, second-quarter advertising revenue fell by a median of 42% year over year. <\/p>\n","protected":false},"author":377,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","sub_headline":"The financial state of the U.S. news media in the second quarter of 2020","sub_title":"","_prc_public_revisions":[],"_ppp_expiration_hours":0,"_ppp_enabled":false,"ai_generated_summary":"","bylines":[{"key":"00c5d26e-2ab8-4971-a63b-20b5222efc34","termId":961},{"key":"c15bafb3-07ad-4351-9600-154199991cc1","termId":983},{"key":"03d84fa4-5ca3-4d64-a9ad-9adf4e01916e","termId":710}],"acknowledgements":[],"displayBylines":true,"relatedPosts":[],"reportMaterials":[{"key":"2fc443fd-9585-456c-b1d6-5d38b23a7def","type":"report","url":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.29_News-Industry-and-COVID-19_FINAL-2.pdf","attachmentId":108610}],"multiSectionReport":[{"key":"_migrate_0","postId":87746},{"key":"_migrate_1","postId":87735}],"package_parts__enabled":false,"package_parts":[],"_prc_fork_parent":0,"_prc_fork_status":"","_prc_active_fork":0,"datacite_doi":"","datacite_doi_citation":"","_prc_seo_qr_attachment_id":0,"spoken_article_player_enabled":true,"footnotes":""},"categories":[448,400,349,346],"tags":[],"bylines":[983,710,961],"collection":[],"datasets":[],"level_of_effort":[],"primary_audience":[],"information_type":[],"_post_visibility":[],"formats":[458],"_fund_pool":[],"languages":[],"regions-countries":[],"research-teams":[527],"class_list":["post-87752","post","type-post","status-publish","format-standard","hentry","category-coronavirus-disease-covid-19","category-covid-19-in-the-news","category-newspapers","category-state-of-the-news-media-project","bylines-katerina-eva-matsa","bylines-kirsten-worden","bylines-michael-barthel","formats-report","research-teams-journalism"],"label":false,"post_parent":0,"word_count":2796,"canonical_url":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives\/","art_direction":{"A1":{"id":108618,"rawUrl":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2021\/03\/PJ_20.10.08_Industry_chart_art.png","url":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2021\/03\/PJ_20.10.08_Industry_chart_art.png?w=564&h=317&crop=1","width":564,"height":317,"chartArt":false},"A2":{"id":108618,"rawUrl":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2021\/03\/PJ_20.10.08_Industry_chart_art.png","url":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2021\/03\/PJ_20.10.08_Industry_chart_art.png?w=268&h=151&crop=1","width":268,"height":151,"chartArt":false},"A3":{"id":108618,"rawUrl":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2021\/03\/PJ_20.10.08_Industry_chart_art.png","url":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2021\/03\/PJ_20.10.08_Industry_chart_art.png?w=194&h=110&crop=1","width":194,"height":110,"chartArt":false},"A4":{"id":108618,"rawUrl":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2021\/03\/PJ_20.10.08_Industry_chart_art.png","url":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2021\/03\/PJ_20.10.08_Industry_chart_art.png?w=268&h=151&crop=1","width":268,"height":151,"chartArt":false},"XL":{"id":108618,"rawUrl":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2021\/03\/PJ_20.10.08_Industry_chart_art.png","url":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2021\/03\/PJ_20.10.08_Industry_chart_art.png?w=720&h=405&crop=1","width":720,"height":405,"chartArt":false},"social":{"id":108618,"rawUrl":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2021\/03\/PJ_20.10.08_Industry_chart_art.png","url":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2021\/03\/PJ_20.10.08_Industry_chart_art.png?w=1200&h=628&crop=1","width":1200,"height":628,"chartArt":false}},"_embeds":[],"table_of_contents":[{"id":87752,"title":"Coronavirus-Driven Downturn Hits Newspapers Hard as TV News Thrives","slug":"coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives","link":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives\/","is_active":true},{"id":87746,"title":"Appendix: Detailed tables","slug":"news-industry-and-covid-19-appendix-detailed-tables","link":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/news-industry-and-covid-19-appendix-detailed-tables\/","is_active":false},{"id":87735,"title":"Methodology","slug":"news-industry-and-covid-19-methodology","link":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/news-industry-and-covid-19-methodology\/","is_active":false}],"report_materials":[{"key":"2fc443fd-9585-456c-b1d6-5d38b23a7def","type":"report","url":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.29_News-Industry-and-COVID-19_FINAL-2.pdf","label":"","icon":"","attachmentId":108610}],"report_pagination":{"current_post":{"id":87752,"title":"Coronavirus-Driven Downturn Hits Newspapers Hard as TV News Thrives","slug":"coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives","link":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives\/","is_active":true,"page_num":1},"next_post":{"id":87746,"title":"Appendix: Detailed tables","slug":"news-industry-and-covid-19-appendix-detailed-tables","link":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/news-industry-and-covid-19-appendix-detailed-tables\/","is_active":false,"page_num":2},"previous_post":null,"pagination_items":[{"id":87752,"title":"Coronavirus-Driven Downturn Hits Newspapers Hard as TV News Thrives","slug":"coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives","link":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/coronavirus-driven-downturn-hits-newspapers-hard-as-tv-news-thrives\/","is_active":true,"page_num":1},{"id":87746,"title":"Appendix: Detailed tables","slug":"news-industry-and-covid-19-appendix-detailed-tables","link":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/news-industry-and-covid-19-appendix-detailed-tables\/","is_active":false,"page_num":2},{"id":87735,"title":"Methodology","slug":"news-industry-and-covid-19-methodology","link":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/journalism\/2020\/10\/29\/news-industry-and-covid-19-methodology\/","is_active":false,"page_num":3}]},"parent_info":{"parent_title":"Coronavirus-Driven Downturn Hits Newspapers Hard as TV News Thrives","parent_id":87752},"materialsOrdered":[{"key":"2fc443fd-9585-456c-b1d6-5d38b23a7def","type":"report","url":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-content\/uploads\/sites\/20\/2020\/10\/PJ_2020.10.29_News-Industry-and-COVID-19_FINAL-2.pdf","label":"","attachmentId":108610,"icon":""}],"chaptersOrdered":[{"key":"_migrate_0","postId":87746},{"key":"_migrate_1","postId":87735}],"partsOrdered":[],"partsEnabled":false,"datacite_doi":"","prc_seo_data":{"title":"Coronavirus-Driven Downturn Hits Newspapers Hard as TV News Thrives","description":"Among the six publicly traded newspaper companies studied, second-quarter advertising revenue fell by a median of 42% year over year. ","og_title":"Coronavirus-Driven Downturn Hits Newspapers Hard as TV News Thrives","og_description":"Among the six publicly traded newspaper companies studied, second-quarter advertising revenue fell by a median of 42% year over year. ","schema_type":"Article","noindex":false,"canonical_url":"","primary_terms":{"category":346,"research-teams":527},"custom_schema":[],"og_image":108618,"indexnow_submitted_at":null,"gsc_index_status":null},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"relatedPostsOrdered":[],"bylinesOrdered":[{"key":"00c5d26e-2ab8-4971-a63b-20b5222efc34","termId":961},{"key":"c15bafb3-07ad-4351-9600-154199991cc1","termId":983},{"key":"03d84fa4-5ca3-4d64-a9ad-9adf4e01916e","termId":710}],"acknowledgementsOrdered":[],"_links":{"self":[{"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/posts\/87752","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/users\/377"}],"replies":[{"embeddable":true,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/comments?post=87752"}],"version-history":[{"count":7,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/posts\/87752\/revisions"}],"predecessor-version":[{"id":183953,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/posts\/87752\/revisions\/183953"}],"wp:attachment":[{"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/media?parent=87752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/categories?post=87752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/tags?post=87752"},{"taxonomy":"bylines","embeddable":true,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/bylines?post=87752"},{"taxonomy":"collection","embeddable":true,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/collection?post=87752"},{"taxonomy":"datasets","embeddable":true,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/datasets?post=87752"},{"taxonomy":"level_of_effort","embeddable":true,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/level_of_effort?post=87752"},{"taxonomy":"primary_audience","embeddable":true,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/primary_audience?post=87752"},{"taxonomy":"information_type","embeddable":true,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/information_type?post=87752"},{"taxonomy":"_post_visibility","embeddable":true,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/_post_visibility?post=87752"},{"taxonomy":"formats","embeddable":true,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/formats?post=87752"},{"taxonomy":"_fund_pool","embeddable":true,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/_fund_pool?post=87752"},{"taxonomy":"languages","embeddable":true,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/languages?post=87752"},{"taxonomy":"regions-countries","embeddable":true,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/regions-countries?post=87752"},{"taxonomy":"research-teams","embeddable":true,"href":"https:\/\/alpha.pewresearch.org\/pewresearch-org\/wp-json\/wp\/v2\/research-teams?post=87752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}