The New York Times Company posted its 2Q results this morning, and while most of the report was bad, there was a small portion of good news. First the bad: The paper posted a net loss of $119.7 million, because of something called a noncash write-down. Here’s the explanation of that by the Times:
The net loss of $119.7 million was due in part to a noncash write-down of $161.3 million to reflect the declining value of its Regional Media Group, which includes newspapers like The Sarasota Herald-Tribune, The Tuscaloosa News and The Press Democrat of Santa Rosa, Calif. The per-share loss translated into 81 cents, compared with a profit of 21 cents a share, or $32 million, in the period a year earlier.
Now for the good news. People appear to be buying into the paywall, as about 224,000 have signed up since its launch. Print subscriptions were also up, helping keep print ad losses flat at $234.9 million.