As shifting reader habits and ad spending combine with the worsening economy to knock newspaper publishers on their heels, the New York Times Co. reported an 11 percent drop in second-quarter advertising revenue Wednesday.

Among the earnings stories for Wednesday, July 23, from AP Financial News:

New York Times Co. named William Schmidt editor of the International Herald Tribune's global edition, replacing Martin Gottlieb at the end of the year.

Among the earnings stories for Wednesday, July 23, from AP Financial News:

The New York Times Co. will increase the Monday-Saturday newsstand cost of its flagship paper by 25 cents to $1.50, the publisher said Wednesday.

Among the earnings stories for Wednesday, July 23, from AP Financial News:

New York Times Co <NYT.N> reported lower quarterly profit and revenue on Wednesday as newspaper advertising revenue fell nearly 12 percent.

NEW YORK (Reuters) - New York Times Co <NYT.N> reported lower quarterly profit and revenue on Wednesday as newspaper advertising revenue fell nearly 12 percent.

New York Times Co. says its second-quarter earnings fell 82 percent from the year-ago quarter boosted by a one-time gain. Meanwhile, print advertising revenue continued to shrink.

The New York Times Co. reports second-quarter earnings Wednesday. The following is a summary of key developments and analyst opinion related to the period.

Major business events and economic events scheduled for the coming week (some dates are tentative):

Most major media companies' shares declined on Friday in a volatile trading session as rising concerns about Fannie Mae and Freddie Mac, the country's biggest mortgage financiers, fueled anxiety on Wall Street.

Major media companies' shares fell with the broader market Friday morning as oil prices surged to record levels and speculation mounted about a possible government bailout of Fannie Mae and Freddie Mac.

The Los Angeles Times will cut 250 jobs, including 150 in the newsroom, and trim its published pages by 15 percent in an effort to save money in the face of declining revenues.

David Einhorn, hedge fund manager of Greenlight Capital, has been making waves in the media spotlight recently by eagerly sharing his thoughts on the financial trouble facing Lehman Brothers.