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Ad revenue was down 10% year on year
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Watch this one - ad revenues were declining and *then* everyone started going bust. Newspapers are in for a rough time.
Not that one feels sorry for Mr. Murdoch in all this, since he's flagrantly used his newspapers for many years to favour the kind of politics that got us into this mess and smear and traduce alternative views that, y'know, might be worth digging up.
On the other hand I'm sure somewhere there are members of his staff who are decent human beings. Bad luck.