NYT subscriptions fall sharply

My read of this article was that the NYT had the steepest circulation fall of the national journals:

More Readers Trading Newspapers for Web Sites - New York Times

The New York Times, which shed less-profitable circulation and increased some prices in the last year, lost 4.5 percent of its weekday circulation (to less than 1.04 million) and 7.6 percent of its Sunday circulation (to 1.5 million)..."

I think it's plausible that the NYT has mostly lost readers to the NYT web site, but it's one heck of a circulation drop.