We've put three quarters behind us in 2009, and the most recent one was merely another miserable step downward for the beleaguered newspaper industry. Total ad revenue plummeted in the third quarter to $6.4 billion for the print jockeys, a decline of 28%. This info from the Newspaper Association of America drives home the notion that conditions will only worsen for the newspaper industry. So, if you're hoping those shares of New York Times Company (NYT), Gannett (GCI) and Washington Post Company (WPO), holding your breath will leave you little more than dizzy.

Of the total advertising revenue generated in the third quarter of 2009, $5.8 million came from print, the lowest quarterly amount this year. The $623 million in online advertising sold by America's newspapers was also 2009's worst. Both are down substantially from the same quarter in 2008, when the newspapers posted print ad revenue of $8.2 million and online ad revenue of $750 million, according to NAA data. At this time last year, we lamented year-over-year declines approaching 20%. Now, we have the same feelings as ad revenue drops approach 30%.

This winter, a bit more of New York is headed to Florida. Layoffs for 2010 have already been announced for the New York Times Company(NYT). The New York Times News Service will lose 25 editorial positions next year and shift the service's editing to one of the parent company's Florida newspapers. At present, the news service has 30 editorial jobs. Some of the layoffs will occur in February, and the others will happen in May.

These layoffs are not included in the planned slashing of 100 jobs in the flagship newspaper's newsroom -- a workforce reduction of 8% that should take hold by the end of the year. The NY Times is also ceasing pension contributions for nonunion employees.

After months of speculation and years of underperformance, the New York Times Company (NYSE: NYT) has decided not to sell the Boston Globe and related businesses. The company claims that the changes made at the Globe to slash expenses and right the ship financially have made it worth holding on to the newspaper. This comes after two parties submitted their final bids (similar financially) for the beleaguered 137-year-old property.

The NY Times Co. picked up the Globe in 1993 for $1.1 billion. Since then, it's watched the paper's revenue and circulation plummet, a situation worsened by the advent of the internet and the newspaper industry's generally slow response to it. Now, it's apparently worth just under 10% of NYT's original purchase price, with the offers pushed higher by both parties' willingness to assume $59 million in pension liabilities.

The NY Times Co. (NYSE: NYT) has decided to double down on a failing strategy: Charge more for print. As circulation declines, the ailing newspaper company has decided to extract as much revenue as possible from its tangible product, despite the fact that the market is shrinking.

Starting Monday, the company's flagship newspaper will cost $2 an increase of a third from the previous newsstand price of $1.50.