AP loses $14.7M in 2010 as revenue falls 7 percent

AP News
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Posted: Apr 14, 2011 2:52 PM
AP loses $14.7M in 2010 as revenue falls 7 percent

The Associated Press lost $14.7 million in 2010 as its revenue fell for the second straight year. The AP has lowered its fees to help newspapers and broadcasters cope with declining advertising revenue.

AP released the results Thursday during its annual meeting at its New York headquarters.

2010 revenue totaled $631 million, a decline of 7 percent from the previous year.

In 2009, AP had net income of $8.8 million on revenue of $676 million. The news cooperative's results were helped by the sale of a German division.

Last year was the first time since the Great Depression that revenue had fallen two consecutive years.

AP CEO Tom Curley says he hopes to increase revenue this year by expanding the cooperative's video, Internet and mobile services.