Word: geyer
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Dates: during 1990-1999
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When Thomas Geyer started running the New Haven Register in 1986, the paper's Connecticut marketplace was booming. That made it possible to increase profits while simultaneously transforming a lackluster broadsheet into an editorially aggressive and graphically vibrant winner of awards, including the New England Newspaper Association's 1988 prize for the best Sunday paper of its size. But this year, as employment and house sales slowed, classified notices fell off 25%. The biggest display advertiser, the Macy's retail chain, cut its pages 15%. Overall, Register ad linage plummeted...
...effort to sustain profit margins, Geyer repeatedly imposed layoffs and other economies. Last week, however, when parent company president Robert Jelenic demanded yet another round of dismissals, Geyer warned that further cuts might damage the paper's news content and circulation. Employees were then treated to the unusual spectacle of a chief executive being sacked for fighting to retain jobs for the rank and file. Jelenic imposed the cuts himself, reducing the news staff from a onetime high...
...Geyer was only the most dramatic victim of a recession-induced advertising bust that has hit dailies across the U.S. Although circulation is holding steady, advertisers are skittish, and they normally account for about 70% of newspaper revenues. Hardly a major daily has escaped, from the normally ad-fat Los Angeles Times, where August's classified linage fell 17% below the same month last year, to the New York Times, the parent company of which reported last week that third-quarter profits from continuing operations fell 43.9%, in large part because of a 10.7% drop in ad linage. Says executive...