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Posts Tagged ‘earnings’

New York Times Co. Reports Ad Revenue Down, Circ Revenue Up In Q3

nytco.pngJust days after announcing that it will eliminate 100 newsroom jobs at The New York Times before the end of the year, The New York Times Co. announced their third quarter earnings this morning — and it’s surprisingly not all bad news.

Exceeding expectations, the company reported a 30.2 percent increase in operating profit for the quarter and 21.6 percent decline in operating costs. The company said it had also worked to reduce its debt by $140 million through aggressive cost-cutting. The company has cut its spending by doing things like revamping benefit plans for nonunion employees (saving them $18 million) and renegotiating the labor agreements with Boston Globe employees, earning $10 million in savings in the second half of 2009 and a projected $20 million next year.

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News Corp. Papers Have Difficult Q3

newcorp.jpgNews Corp. released its third quarter earnings numbers yesterday, and although Chairman and CEO Rupert Murdoch mentioned cable network programming — and FOX News Channel in particular — as a bright spot, the results for News Corp.’s newspapers and information services division was grim.

Operating income for the newspaper group, which includes the New York Post and The Wall Street Journal, was down almost 97% to only $7 million, which the company attributed to low ad revenues. Circulation revenues increased during the third quarter at WSJ but that was “primarily due to price increases,” News Corp. said.

Those price increases seem to be extending to News Corp.’s Web sites. Murdoch hinted at that during the earnings conference call yesterday, one month after WSJ.com <a href="revealed plans to charge more for its content. Due to slumping print ad sales, this may be one of the ways newspapers can move towards becoming profitable again.

The earnings release after the jump

Earlier: News Corp. Totally In Trouble

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