Newsday publisher Tim Knight resigns
Timothy Knight resigned Wednesday as Newsday publisher, saying in a note to staff, "Now is the right time to let others move our business forward."
He'll be replaced by Terry Jimenez, publisher of amNewYork, a related publication distributed free in New York City, according to an announcement by Tad Smith, president of Cablevision Systems Corp.'s local media unit, which includes Newsday and News 12. Jimenez becomes Newsday's acting publisher.
A call to Knight's office at Newsday's headquarters in Melville was returned by Newsday spokeswoman Deidra Parrish Williams, who said, "There isn't going to be any comment beyond the note that went out."
Knight had been publisher for five years.
His departure comes at a time when Newsday, like most major newspapers, is struggling with declining circulation and advertising revenue as some readers get their news from the Internet and other electronic sources, and advertisers follow them. The downturn in ad revenue has been exacerbated by the economic recession.
In July Cablevision, of Bethpage, said profits declined but sales went up in its second quarter, ended June 30. The company said it earned $87 million, compared with $94.7 million in the same period last year. In line with analysts' expectations, revenue grew nearly 10 percent to $1.88 billion in the quarter, in part because of its cable and other telecommunication services.
But the company reported that Newsday, which it bought last summer, had an operating loss of $2.6 million.