New York Times Co. July revenue falls 10.1 percent
Tuesday August 26, 10:01 am ET
Ad revenue drops 16.2 percent at New York Times Co., sending July revenue down 10.1 percent
NEW YORK (AP) -- New York Times Co. said Tuesday that its July revenue from continuing operations fell 10.1 percent this year as advertising revenue slipped 16.2 percent.
Overall revenue dropped to $235.9 million in July from $262.3 million in July 2007, the publisher said.
A continuing drop in classified ads and cutbacks in spending by movie studios, car companies and hotels were offset only partially by a rise in revenue from media, financial services, advocacy and health care ads for a net drop of 16.2 percent.
The company's flagship The New York Times paper had 15.3 percent lower ad revenue. At its New England media group, which includes The Boston Globe, July ad revenue dropped 24.5 percent.
Newspapers across the country have seen revenue decline as advertisers shift spending online and circulation slips.
Total online ad revenue rose 0.9 percent in the company's News Media Group, and circulation revenue fell 0.5 percent.
The company said its overall Internet revenue rose 2.6 percent with online ad revenue adding 5.5 percent, boosted by gains at its About.com Web site.
For the year to date, total revenue from continuing operations has fallen 6.1 percent to $1.73 billion.
The company said online advertising for its News Media Group is rising in August with improvement in display advertising revenue at NYTimes.com.
International Herald Tribune
New York Times