Revenues from newspapers have fallen by about one-third at the Associated Press since 2008, from $220 million a year to about $140 million in 2010, and now make up just over 20 percent of the organization's total revenue.
I question the statement that newspaper revenue of $120 million per year comprises 20 percent of the co-op's total sales. This indicates total revenues of about $600 million. Considering that their other business lines consist of news feeds to radios (who are in the toilet), photographs (never very lucrative), and software (I'm not aware of any killer app's), it is unlikely they could come up with $480 million through these sources.
On the other hand, I find their statement that sales to newspapers has tanked to the tune of 33 percent in less than two years very plausible. Newsers are cutting back everywhere as ad sales and circulations plummet.
Considering the state of the industry, their assertion that, "Online news has been a positive and broadcast is stable" seems unlikely unless both AP segments are extremely small niche segments.