Richard A. Smith, president of Realogy Corp., dropped a bomb on the newspaper industry this week when he told Bloomberg News that the Coldwell Banker and Century 21 branding budgets for newspapers will shrink by as much as two-thirds next year from 2006. The company intends to slash its newspaper advertising budget to 70 percent of its home-sale ad spend by 2010, down from 84 percent this year, Bloomberg reported, as it shifts more ad dollars online. Realogy is the largest real estate brokerage company and franchisor, with company-owned and franchise brands including Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA and Sotheby's International Realty. The move should come as no surprise to the newspaper industry, which has struggled with waning advertising revenues in each of it...
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