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Posts Tagged ‘The New York Times Company’

NY Times Profits Plummet 21 Percent

As usual, the New York Times’ earnings report features both good and bad news (we suppose that pun is intended). While the Times’ digital subscriptions continued to grow, the lack of print ad dollars weighed the paper down. The end result was a 21 percent drop in profits during the second quarter.

The Times added 32,000 digital subscribers during the second quarter, bringing its total to 831,000 — a number that should make staffers proud. Still, total revenue dropped by 0.6 percent, mainly due to a four percent decline in ad revenue. Net income also declined from $20 million in 2013′s second quarter, to just $9 million this quarter.

“We saw continued growth in digital advertising and circulation revenues during the quarter,” Mark Thompson, CEO of the Times Company, said in a statement. “But know that we still have more work to do to transform our business and deliver long-term sustainable revenue growth for the company.”

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New York Times Company Vet: ‘Micro-Payments Are Ultimately the Future’

At the recent Future of Media conference put on by UK newspaper The Scotsman, there was some very informative field intelligence shared by Jeff Moriarty.

JohnstonPressLogoMoriarty is currently the chief digital and product officer for Johnston Press. But previously, he spent several decades with the New York Times Company and was an instrumental part of the Boston Globe‘s transition to the paywall world. Via post-keynote interview  with The Drum’s Angela Haggerty, Johnston suggested that price is not the main factor when it comes to online-content subscribers. It’s more a matter of people willing to pay for content vs. those who are not:

The future of paid content is something Moriarty believes will be best-served on a micro-payment model similar to that of iTunes, although he said it could take years for the industry to create it.

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NY Times Reports Increases in Ad Revenue and Circulation

NYtimes buildingThe New York Times Company announced its first quarter earnings this morning, and at least for the first three months of the year, things have been going well. The company reported that total revenue increased by 2.6 percent compared to last year, and both print and digital ad revenue were up.

Digital circulation is also up. The Times now has about 799,000 digital-only subscribers, which is pretty impressive. Some of this bump could be credited to NYT Now and Times Premier, the digital products the company launched earlier this month. While the Times wouldn’t comment on how many people are using either one, Mark Thompson, the Times’ CEO, cited NYT Now as “being embraced by the market.”

Despite the good news, everyone at the Times understands there are always rough waters ahead. ”We are certainly not claiming victory in advertising yet; we expect continued month-to-month volatility and recognize that we will face some significantly tougher year-on-year comparisons as the year goes on,” explained Thompson, in a statement.

John Henry Names Himself Publisher of Boston Globe

John Henry GJohn Henry is not only the relatively new owner of The Boston Globe, he’s also the publisher. Henry, who bought the Globe from The New York Times Company for $70 million last October, has tapped himself for the role. This is the kind of decision you can make when you own things.

In an announcement, Henry said “My main role as publisher is to ensure that the Globe has the right management and that management has the resources to accomplish its mission.”

In other Globe news, Henry named Mike Sheehan CEO. Sheehan was formerly a CEO at the ad agency Hill Holliday.

Boston Globe Closing Date: October 15

The New York Times Company and John Henry have agreed to October 15 as the closing date for the sale of The Boston Globe. Henry, the owner of the Boston Red Sox, had his $70 million bid for the Globe accepted by the Times in August.

According to The Boston Business Journal’s sources, Henry is taking his new property quite seriously. Henry and his wife, Linda Pizzuti, have maintained a “near-daily presence” at the Globe since they won the bidding process. Their focus has been on where to move the Globe, as each proposal to purchase Globe included plans to move the paper from its current headquarters to a smaller, less expensive space.

The Globe currently occupies a building on Morrissey Blvd., valued anywhere from $29 million to $71 million. Experts claim that reclassifying the property as residential would probably increase its value above Henry’s $70 million offer for the Globe.

New York Times Posts Profit in 2Q

The New York Times posted a profit in the second quarter, buoyed by circulation revenue, which grew by five percent compared to 2012′s second quarter. According to the Times, circulation revenue jumped from $233 million last year to $245.1 million this year.

Gains from circulation were mostly offset by declines in ad revenue, which dropped by almost six percent (5.8) compared to 2Q 2012. Print ads dropped by 6.8 percent and digital ads declined by 2.7 percent.

Digital readers continue to be a significant bright spot for the Times. The paper now has 699,000 digital subscribers, which represents a whopping 35 percent increase compared to last year.

Pretty Much Everyone is Rumored to Buy The Boston Globe

Ever since the New York Times Company announced that it was selling the Boston Globe, people have been speculating about who/what will purchase the paper.

Because the media is nothing but precise, that list has now been narrowed down to about 834 potential buyers. Below are all the ones we found mentioned, but we’ve surely missed one or 500.

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New York Times Company to Sell Boston Globe

The New York Times Company is seeking a buyer for the Boston Globe. The company has teamed up with Evercore Partners to help sell its New England Media Group, which includes the Globe and its website; the Worcester Telegram & Gazette and its site; and GlobeDirect, the Globe’s direct mail company.

“We are very proud of our association with the Globe and the Telegram & Gazette, but given the differences between these businesses and The New York Times, we believe that a sale is in the best long-term interests of these properties and the employees who work for them as well as in the best interests of our shareholders,” said Mark Thompson, CEO of the Times Company, in a statement.

This wouldn’t be the first time the Times has tried to sell the Globe. In 2009, as the Globe hemorrhaged money, the Times considered ditching the paper. The Times relented when cutbacks reduced the Globe’s overall losses. Plus, the bids the Times did receive weren’t exactly enticing.

The Times bought the Globe for $1.1 billion in 1993. We doubt the company is hoping for anything near that figure this time around.

Robert Christie, New York Times Communications Exec, Departs Company

Robert Christie, senior vice president of corporate communications for The New York Times Company since 2010, is leaving the company. Christie came to the Times from Dow Jones & Company.

According to the Times, after Christie leaves, his position will be eliminated. Eileen Murphy, vice president of corporate communications, will lead the department going forward.

“Bob’s extensive experience and broad range of contacts in the industry have been very valuable over the past three years,” wrote Mark Thompson, CEO of the Times, in a memo.

New York Times Staffers a Little Worried About Mark Thompson, Their New CEO

Today marks the beginning of the Mark Thompson era at The New York Times Company, and it could be a long time before he settles in comfortably. Thompson comes aboard as his past stint at BBC continues to haunt him.

Currently, British law enforcement agents are investigating the celebrity Jimmy Savile over allegations that he abused hundreds of underage girls. Thompson enters into that picture because people have claimed that under his watch, the BBC program Newsnight killed an investigative piece on Savile, in an effort to quiet the scandal. To make matters worse, Thompson’s successor and two other senior executives have abruptly resigned due to pressure from the alleged misconduct.

As you can imagine, Times staffers are a little worried about the whole thing.

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