Associated Press reports in the US: "The stocks of newspaper companies surged Wednesday on optimism that advertising spending may be, if not recovering, then at least not declining faster than before."
AP quotes a report from market research firm TNS Media Intelligence which said the rate of decline in overall advertising spending held steady from the first quarter to the second. Also, early data for the current quarter "hint at possible improvements for some media" because they will be comparing against steep declines a year ago, according to Jon Swallen, senior vice president of research at TNS.
Shares in Newsquest parent company Gannett were up 10 per cent.
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