Titan Worldwide, a company that sells advertising on the sides of buses for the cities of New York, Boston and Minneapolis, is unable to pay millions of dollars in ad revenue it owes to transit authorities.
"New York is among the hardest hit.
The company, Titan Worldwide, fell short a total of $7.5 million in mandatory payments to the Metropolitan Transportation Authority from February through April, citing lower than expected ad sales. That would be enough to buy 16 new buses for the authority, which recently received a state bailout in the face of multibillion-dollar budget deficits over the next few years.
'This is another example of the M.T.A.'s exposure to the global economic recession,' said Aaron Donovan, a spokesman for the authority, which plans to raise fares and tolls by about 10 percent in June.
Titan sells ads that appear on buses and in Metro-North Railroad and Long Island Rail Road trains and stations, including Grand Central Terminal."
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