The New York Times Co. Posts a Loss

4

The New York Times Company reported a second-quarter loss on Thursday because of a write-down in the value of About.com and continuing declines in print and digital advertising revenue.

The net loss was $88.1 million, or 60 cents a share, compared with a net loss of $119.7 million, or 79 cents a share, in the period a year earlier, when the company wrote down the value of its regional newspapers, which it sold later.

Increases in circulation and digital subscriptions contributed to a 0.6 percent increase in revenue, to $515.2 million. But a $194.7 million write-down of About.com, the online resource guide the company bought in 2005, weighed on profits. The Times Company had an operating loss of $143.6 million in the quarter ended June 24, compared with an operating profit of $31.5 million in the period a year earlier.

Advertising revenue at the company’s News Media Group, which includes The Times, The International Herald Tribune and The Boston Globe, fell 6.6 percent, to $220 million. Print advertising revenue fell 8 percent, in part because of continued weakness in real estate advertising. Online ad revenue at the news media group decreased 1.6 percent, to $52.6 million, despite a push in video and other efforts to bring in new advertisers to NYTimes.com.

READ MORE: NY TIMES

4 COMMENTS

  1. Maybe they’ll change their business plan back to “all the news that fits” instead of focusing on left-wing political correctness. The Wall Street Journal has already surplanted it as the “paper of record”, and is making a profit as well.

  2. I truly hope The New York Times, a/k/a Jew hater goes out of business real soon.
    They don’t know how to print the truth, just what sells newspapers.