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Pearson has shifted out of dependence on adspending for revenues by reducing ads as apercentage of revenues at Financial Times to 30% from 50%. Its textbook and Penguin books cushions it further from big declines in ad spending. The New York TImes has no such businesses and ad spending dominates. Its burdened by overborrowing and debt coming due and not enough controls on spending.
Pearson Expects Strong 2008 Earnings
Wall Street Journal 01/20/2009
Billionaire Reaches Deal On Funding For Times Co.
Wall Street Journal 01/20/2009
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