Two Major California Newspapers Lost Over $50 Million in Revenue in 2020

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Two of the biggest newspapers in the state of California, the Los Angeles Times and the San Diego Union-Tribune, reported losing “north of $50 million” in annual revenue over the course of the year 2020, according to The Hill.

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Chris Argentieri, the president of the two newspapers’ parent company California Times, revealed the losses in a recorded conference call with staff. The situation represented a “catastrophic drop in revenue for the company north of $50 million, on top of a business that was already using cash and not producing cash,” Argentieri said, explaining that the losses came from both print advertising and digital advertising.

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