Newspapers band together in ad effort

[flashl]

Source: CNN-Money

Tribune, Gannett, Hearst and The New York Times Co. create online advertising network in an attempt to regain ad revenue lost to the web.

NEW YORK (AP) -- Four major newspaper publishers have created an online advertising sales network in the latest industry attempt to claw back ad dollars that are increasingly migrating to the Internet.

Gannett Co. (GCI, Fortune 500) and Tribune Co., the largest and second-largest publishers in the country, are joining Hearst Corp. and The New York Times Co (NYT). to form a company that will sell online ad space across a network of newspapers in many large cities including New York, Los Angeles and Chicago.

The joint venture, which launched on Friday, will be based in Chicago and operate under the name QuadrantOne. It won't include USA Today or The New York Times itself, which already have significant online ad sales operations of their own. It will include The Boston Globe, which is owned by The New York Times Co.

Dana Hayes, an executive with Tribune's interactive division, was named interim CEO. In an interview, Hayes declined to disclose how much the four companies had invested in the venture, but said it would employ a staff of 17 people, mainly in sales and sales support positions. It is looking to sign up new affiliates, but the four initial investors will be the only owners.

Money - CNN

Read more: http://money.cnn.com/2008/02/15/news/companies/bc.apfn.newspapers.advertising.ap/?postversion=2008021513

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Time to invest in a good adblocker.

[bemildred]

1. I hope they go belly up, all of them.

Time for new blood. We need news media that are not all about sucking up to the rich and making lots of money.

[ohio2007]

2. RIP, nobody will read about them in the obits. nt