Magazine article Editor & Publisher

NYT Co.: Profits Up, Ad Revenue Down

Magazine article Editor & Publisher

NYT Co.: Profits Up, Ad Revenue Down

Article excerpt

New York Times Co. said today quarterly profit rose, helped by a one-time gain from the sale of its broadcast operations -- but revenue fell because of weaker newspaper advertising sales.

Revenue fell 3.7 percent to $788.9 million, said the company, which owns the New York Times, the Boston Globe and other dailies.

"While our second-quarter results reflected weakness in the print advertising market...we continued to move aggressively on new product development, cost reduction and the rebalancing of our portfolio," Chief Executive Janet Robinson said in a statement.

The Associated Press reports: "Newspaper advertising continued to suffer, declining 6.9 percent across the company. Circulation revenues edged down 0.5 percent as higher prices mainly offset volume declines.

"The company cited weakness in advertising for banking, financial services and classified adverting, a category that has been particularly hurt by competition from online alternatives to newspaper classifieds as well as weakness in the housing market.

"Within the 6.9 percent fall in newspaper advertising in the quarter, classified advertising fell 13. …

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