Internet Growth Walks Out On The New York Times (NYT)
If print advertising revenue had been down and Internet revenue up, there would have been some hope that The New York Times (NYT) was making a modestly successful transition online. But, total Internet revenue decreased 5.6%to $78.2 million from $82.9…
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But, total Internet revenue decreased 5.6%to $78.2 million from $82.9 million and Internet advertising revenues declined 6.1% to $67.6 million from $72.0 million.
The company’s overall results were even worse because of a 27% decline in advertising revenue for the quarter. The entire NYT reported a first-quarter 2009 operating loss of $61.6 million compared with operating profit of $6.2 million in the first quarter of 2008.
Total revenues decreased 18.6%to $609.0 million from $747.9 million. The only saving grace was that the firm is still cutting costs. For the first quarter, operating costs decreased 9.5% to $654.3 million from $723.3 million.
In terms of the major properties in the company’s newspaper group, revenue at the New England group, which includes The Boston Global, fell 21% to $104 million on a 32% plunge in advertising revenue.
No wonder NYT wants to cut costs at The Globe, or fold it.
Douglas A. McIntyre
Contact [email protected] for any questions or corrections.
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.