NY Times sees modest profit, Web subscriptions up

Oct 25, 2012
The New York Times headquarters. The New York Times Co. on Thursday announced a modest profit in a quarter in which digital subscriptions rose but revenues fell, including from online and print advertising.

The New York Times Co. on Thursday announced a modest profit in a quarter in which digital subscriptions rose but revenues fell, including from online and print advertising.

The media company seeking to manage a shift to digital readership reported net income for the third quarter of $2.28 million, a slump of 85 percent from a year ago, when profits saw a temporary boost from asset sales.

Overall revenue fell 0.6 percent from a year ago to $449 million, hurt by weakness in advertising, but partially offset by gains in paid digital subscribers.

The company said paid subscribers to The and the International Herald Tribune rose by 57,000 or 11 percent from the end of the second quarter to 566,000. The number of paid subscribers to its unit rose by 13 percent to 26,000.

But The Times said print ad revenues fell 10.9 percent and digital ads were down 2.2 percent "largely due to the challenging economic environment, ongoing secular trends and an increasingly complex and fragmented marketplace."

"While our results for the third quarter reflect continued pressure on advertising revenues, total circulation revenues rose, led by the ongoing expansion of our base," said Arthur Sulzberger Jr, chairman and chief executive officer.

"Digital subscription trends have remained robust."

Like other US newspapers, The New York Times has been struggling with declining print , falling circulation and the migration of readers to free news online.

The Times began charging in March 2011 for full access to NYTimes.com and it launched a subscription-only website for the Boston Globe last October.

Gains from two major asset sales recently concluded by the company will be recorded in the fourth quarter. They were the sale of the About.com for $300 million and the Times' stake in Indeed.com for $167 million.

Explore further: 2012 movie massacre hung over 'Interview' decision

add to favorites email to friend print save as pdf

Related Stories

Write-off contributes to NY Times losses

Jul 26, 2012

The New York Times Co. posted a loss of $88.1 million in the previous quarter on Thursday, as a write-off in the value of website About.com wiped out gains from increased online subscriptions.

NY Times profit soars on asset sales

Apr 19, 2012

The New York Times Co. said Thursday that first-quarter profit jumped sevenfold, boosted largely by the sale of its regional newspapers and shares in a New England sports group.

NY Times net profit declines in fourth quarter

Feb 02, 2012

The New York Times Co. said Thursday that a print advertising revenue slide and weaker results at advice website About.com dragged down net profit in the fourth quarter.

New York Times net profit dips 26 percent

Feb 03, 2011

The New York Times Co. on Thursday reported a 26-percent drop in quarterly net profit as an increase in digital advertising revenue failed to make up for what it lost in print ads and circulation.

Over 100,000 paid subscribers for NYTimes.com

Apr 21, 2011

The New York Times Co. released its first figures on Thursday since it began charging for full access to NYTimes.com, saying it has signed up more than 100,000 paid subscribers in three weeks.

Recommended for you

2012 movie massacre hung over 'Interview' decision

9 hours ago

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

Clooney slams skittish Hollywood after Sony hack

16 hours ago

Film star George Clooney slammed the Hollywood movie industry for failing to stand up against the cyber threats that prompted Sony Pictures to cancel release of the movie "The Interview."

Atos shares soar after Xerox acquisition

19 hours ago

Shares in French tech firm Atos soared nearly five percent on Friday as traders cheered the news it had bought the IT wing of Xerox for more than $1 billion.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.