Ad mart hurts Sun-Times Media 3Q results
EmptyCHICAGO -- Sun-Times Media Group Inc., publisher of the Chicago Sun-Times and a number of community newspapers around Chicago, said Wednesday it expects third-quarter results will be hurt more than expected by large declines in the Chicago newspaper advertising market. Its stock fell sharply.
The company said its board and management are looking at various options to address the results, including reviewing its dividend policy.
Sun-Times, formerly Hollinger International Inc., said weakness in the Chicago newspaper ad market continued from the two previous quarters and accelerated in the third quarter. Newspaper print advertising slipped about 7.5 percent in the greater Chicago market in the second quarter.
Sun-Times said results for Sun-Times News Group, its newspaper publishing business, are expected to be "substantially below" those for the prior-year period.
The company said it anticipates reporting third-quarter financial results during the week of November 6.
Shares fell 70 cents, or 10.2 percent, to $6.17 in midday trading on the New York Stock Exchange.