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Posts Tagged ‘The New York Times Company’

New York Times’ Scott Heekin-Canedy to Retire, Role Will Be Eliminated

Scott Heekin-Canedy is retiring from The New York Times Company, effective December 30. Heekin-Canedy has been with the Times since 1992; serving as president and general manager since 2004.

Heekin-Canedy was one of the forces behind the Times implementing its paywall, which has been a success. In a note to staff, Arthur Sulzberger said losing Heekin-Canedy meant that “we are losing a great talent who has seen us through a very difficult economic period.”

According to the Times, Heekin-Canedy’s position will be eliminated when he steps aside.

New York Times Gains Digital Subscribers, But Revenue Drops

The New York Times Company reported its third quarter earnings today. Let’s go with the good news first. Circulation revenue at the company rose by seven percent during the last quarter, thanks in large part to the success of digital subscriptions. The number of digital subscribers to The New York Times and The International Herald Tribune rose to 566,000, an 11 percent increase since 2Q.

Now for the bad news. The company saw overall revenue drop by 0.6 percent, to $449 million. Revenue fell because ad earnings crashed by almost nine percent.

Arthur Sulzberger, of course, tried to stick to the positive news from the report. “While our results for the third quarter reflect continued pressure on advertising revenues, total circulation revenues rose, led by the ongoing expansion of our digital subscription base,” said Sulzberger, in a statement.

New York Times and Union Agree to Mediation

Right on the heels of a promise to send one “final offer” to New York Times union members, the company and the Newspaper Guild of New York have decided to bring things to a mediation.

According to the Guild, it suggested that the two parties bring in Martin Scheinman to be the mediator, and the Times agreed. The mediation agreement — at least for now — means that no “final offer” will be made by the Times.

The Guild sounded cautiously optimistic about the news:

Scheinman has been involved in recent mediations and arbitrations involving The Times, and his abilities are respected by both the Guild and the company. It is the belief of both sides that his involvement heightens the potential of reaching a fair and mutually acceptable agreement.

New York Times to Make ‘Final Offer’ to Union Members Tomorrow

The New York Times staffers’ walkout on Monday certainly got the attention of the company, but the response was certainly underwhelming to union members. According to the Newspaper Guild of New York, Times management walked out of negotiations yesterday after only 10 minutes and then cancelled today’s contract talks. The company added that a “final offer” was coming tomorrow.

“This means management will try to ratchet up the pressure by taking a step that, conceivably, could take us to the brink of impasse,” read a statement from the union. “For now, however, a so called ‘final offer’ is just another reckless step that is much in keeping with management’s sorry track record during this negotiation.”

During negotiations on Tuesday, the Guild asked why members were offered zero raises in 2011 and a one percent bump for the final months of this year. Bernard Plum, the lawyer representing the Times Company, allegedly responded, “This is a declining industry and a declining business,” and that it was common for management to ask staffers to make sacrifices, and “even more common to have zeros.”

The Guild’s mobilizing committee met last night and will be reaching out to members soon.

New York Times Company Sells Interest in Indeed.com, Nets $100 Million

It’s only Tuesday, but it has already been a pretty good week for The New York Times Company. The paper just announced that it is selling its interest in Indeed.com, a jobs site, and expects that sale to net the Times $100 million in profit. According to Reuters, the site is being sold to a Japanese recruitment firm.

The sale comes on the heels of the Times closing on its About.com deal, which saw the company pull in $300 million.

That means only two days deep into the work week and the Times has gained $400 million. Not bad at all.

New York Times Company Finalizes Sale of About.com

With a $300 million price tag, The New York Times Company completed the sale this morning of About Group to Barry Diller‘s IAC. We first reported Diller’s deal last month.

The About Group encompasses About.com, and lesser known Web sites: Caloriesearch.com and Caloriecount.com.

The Times reports the company’s after-tax proceeds, which are worth about $290 million, will be used for “general corporate purposes.”

The Times, on the losing end of the sale, bought the Internet sites in 2005 for more than $400 million.

Barry Diller Gets His Way, Buys About.com from New York Times for $300 Million

Barry Diller’s IAC is buying About.com from The New York Times Company after all, for a reported $300 million. It was widely assumed that the site would be sold to Answers.com, but IAC’s offer was a better option for the Times, as All Things D notes:

Apparently the fact that he’s offering a ‘clean cash’ deal helped sway the Times and its Allen & Co. bankers. Answers and its private equity backers Summit Partners and TA Associates were going to finance the deal with debt, and would have included equity in Answers as part of the transaction.

A wise choice by the Times. For a company that could use all the help it can get, nothing is better than straight cash, homie.

Barry Diller’s IAC Offers Over $300 Million for About.com Just for The Hell of It

The New York Times Company has a signed letter of intent from Answers.com to buy About.com from the Times for $270 million. But Barry Diller’s IAC is throwing its hat into the ring anyway.

According to Reuters, IAC has offered over $300 million for About.com. Yes, over $300 million.

To make things even more interesting, a source told Reuters that there might be more offers coming for the site. “There are still interested buyers who feel that the $280 million price is low and can be easily matched,” said the source.

No word on if that source was drunk or not.

New York Times to Pay Mark Thompson $1 Million

Mark Thompson, the new CEO of the The New York Times Company, has a lot of work ahead of him. So hopefully, an annual base salary of $1 million per year and an equity sign-on bonus of $3 million will help sooth whatever stressors are ahead.

One million per year is not a bad salary. It’s only about $55 million less than Manny Pacquaio made last year and $36 million less than Adam Sandler.

That’s probably not a good way of looking at it.

New York Times to Sell About.com

The New York Times Company has found a company willing to take on the albatross that is About.com. All Things D is reporting that Answers.com has signed a letter of intent to buy the site from the Times for about $270 million.

“The deal hasn’t closed yet, and I’m told that Answers’ backers — PE firms Summit Partners and TA Associates — are trying to line up financing,” explains All Things D’s Peter Kafka.

Though the Times bought About.com for about $410 million in 2005, we’re sure its execs are crossing their fingers that this deal goes through, because the site has been dragging the Times down for awhile now. The most recent example was the Times taking a $195 million write down on the venture in the second quarter.

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