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Illustration: Rebecca Zisser/Axios 

The New York Times said in a government filing Monday that it expects global advertising revenue to be down this quarter due to corporate uncertainty related to the coronavirus. The news caused shares of other media publishers to dip.

Why it matters: It's the latest example of ways that the coronavirus is impacting business and the economy more broadly. Uncertainty in marketing around retail and consumer packaged goods, which are often linked to Chinese supply chains, as well as travel and entertainment, is hitting the advertising sector particularly hard.

Details: In the filing, Times CEO and president Mark Thompson said that the company in recent weeks has seen a slowdown in international and domestic advertising bookings, which it associates with "uncertainty and anxiety about the virus."

  • Thompson said the company expects total advertising revenues to decline at a rate in the mid-teens during the current quarter, with digital advertising revenues expected to fall 10%.
  • But he added that the virus hasn't impacted the company's subscription business, which brings in more revenue for the Times than advertising.

The news caused short dips in other publishing stocks, like Tribune Publishing and New Media Investment Group Inc., which houses Gatehouse and Gannett newspapers.

  • Ad holding group giants like WPP, Publicis, Omnicom and IPG have also seen stocks sink over the past week or so as the virus has intensified.

The big picture: Analysts predict that the entire advertising ecosystem will likely be negatively impacted by the virus, based in part on how China's advertising market has reacted to the outbreak over the past few months.

  • "As we have seen in China, we would expect to see less travel, less manufacturing, reduced retail sales and cancellations of many forms of public entertainment," said GroupM's Brian Wieser, one of the top global advertising industry analysts.
  • Wieser notes that in these types of situations, where there's less travel and more need for information, media consumption at home will likely rise — potentially leading to a boost in some television advertising sales. But outdoor advertising "may be worse off with lower levels of foot traffic in many places," he added.

What's next: Various media events have been canceled or are under pressure due to concerns around the virus.

  • More than 15,000 people have signed a Change.org petition calling for the cancellation of the upcoming South by Southwest event in Austin, Texas, per Axios' Ina Fried.
  • Some companies, like Twitter, have suspended noncritical travel for employees over coronavirus concerns.
  • Movie-going in China, the largest international box office, has been impacted by the virus, which has also put a dent in some expected U.S. movie studio revenues.

Go deeper

Updated 6 hours ago - World

Mexican President López Obrador tests positive for coronavirus

Mexico's President Andrés Manuel López Obrador during a press conference at National Palace in Mexico City, Mexico, on Wednesday. Photo: Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."

6 hours ago - Politics & Policy

Sarah Huckabee Sanders to run for governor of Arkansas

Sarah Huckabee Sanders at FOX News' studios in New York City in 2019. Photo: Steven Ferdman/Getty Images

Former White House press secretary Sarah Huckabee Sanders will announce Monday that she's running for governor of Arkansas.

The big picture: Sanders was touted as a contender after it was announced she was leaving the Trump administration in June 2019. Then-President Trump tweeted he hoped she would run for governor, adding "she would be fantastic." Sanders is "seen as leader in the polls" in the Republican state, notes the Washington Post's Josh Dawsey, who first reported the news.

Coronavirus has inflamed global inequality

Illustration: Aïda Amer/Axios

History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's inequality report covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.

Why it matters: The world's poorest were already in a race against time, facing down an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the World Bank.