Can the New York Times survive ad slump?

From The Wall Street J0urnal:

New York Times Co. reported a wider loss in the first quarter, hampered by another steep decline in advertising revenue, costs related to job cuts and a write-down of leases associated with a newsstand-distribution subsidiary that closed during the quarter. …

As with other newspaper publishers, the evaporation of classified ad sales — the traditional lifeblood of the industry — was the most alarming aspect of the results. Revenue in the category plunged 45%. …

Digital businesses accounted for nearly 13% of New York Times Co.’s revenue in the first quarter, up from 11.1% in 2008’s first quarter. At About.com, the company’s online-information portal, revenue fell 5% to $27 million, reflecting a decline in display advertising.