If newspaper advertising isn't holding up, it does beg the question about whether the NYT is the right business:
Murdoch says UK TV advertising holding up
MUMBAI: News Corp chief Rupert Murdoch said television advertising in the United States was good, despite a slowing economy, while Asia was a long-term bet driven by the emergence of a wealthy middle class.
During a visit to Mumbai on Monday, Murdoch told reporters advertising for News Corp's television properties in the United States was very good.
International Herald Tribune
New York Times