NYT Swings To $35.6 Million Loss But Ad Revenue Slide Slowing In Q3 2009?

The New York Times Company reported a loss of $35.6 million for the third quarter of 2009, hurt by one-time charges and the soft ad market.

The one-time charges included $76.1 million for estimated pension withdrawals for employees.

Revenues across the company fell 16.9 percent to $570.6 million, mostly due to lower print advertising. Meanwhile, circulation revenue continues to climb—6.7 percent this quarter.

The News Media Group saw a decline in both print (31.2 percent) and online (18.5 percent) advertising.

The About Group’s revenues climbed 7.2 percent to $30.8 million due to higher cost-per-click advertising.

The company as a whole has reduced its operating costs by 22.4 percent. Newsprint expense is down both because the cost of paper has fallen and because of lower usage, and the closure of City & Suburban, the company’s distribution arm, is said to have reduced costs by about $110 million (though it also cost the company about $100 million in revenue).

The New York Times Co. publishes the New York Times, the Boston Globe, the International Herald Tribune, and 15 other newspapers.

Publish date: October 22, 2009 https://dev.adweek.com/digital/nyt-swings-to-35-6-million-loss-but-ad-revenue-slide-slowing-in-q3-2009/ © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT