Even as newspaper ad sales continue to nosedive, The New York Times has seen a steady growth in online luxury ads, thanks in part to the online launch of its weekly style magazine.

The newspaper debuted T: The New York Times Style Magazine online last December, and advertisers like American Express, Bloomingdales and Christian Dior have jumped on board with cross-platform buys.

Digital revenue has increased to 11 percent of The New York Times Co.'s overall revenue, compared to 10 percent in 2007. Earlier this year, the Times experimented with full-page welcome ads on its website. Despite the growth, the company will continue buyouts and layoffs throughout the year, according to Marketwatch.

"2008 is another challenging year for the New York Times Co. and for the newspaper industry, as technology alters the habits of readers and advertisers," CEO Janet Robinson said during a conference in New York. "The economic downturn has exacerbated print-revenue declines, particularly in classified areas."

Robinson attributed the Times' success to its large national advertiser base, something that smaller newspapers lack. But while the dire straits continue for many dailies, Centro CEO Shawn Riegsecker argues that newspapers will survive the digital age, because papers will continue to offer the most influential content.