By Greg Hazley
SUBSCRIPTIONS PASS AD REVENUE AT NY TIMES
The New York Times Company said fourth quarter operating profit fell by more than half to $44M over 2011 amid a “challenging” advertising environment.
President and CEO Mark Thompson said circulation revenues surpassed ad revenue for the first time in the company’s history as 668K paid digital subscriptions were locked in, up 13 percent over Q3.
Thomson, who said 2012 showed “both the opportunities and the challenges we face as a company,” said the rise in digital subscribers shows a willingness to pay for “high quality journalism,” a trend which he said is a key building block for growth of the company.
Benefitted by an extra week over 2011 because of its fiscal calendar, revenues rose 5.2% to $575.8M for Q4. Advertising revenue fell 3.1%, offset in part by circulation gains of 16.1%. Prints ads were down 5.6% while digital ad revenue was up 5.1%.
The company paid out another $7.9M in severance costs in Q4.
CABLE BOOSTS NEWS CORP. EARNINGS
News Corp. said second quarter fiscal revenue climbed 5% to top $9.4B over the same period of 2011 on the strength of its cable network operations.
Net income more than doubled to nearly $2.4B.
Chairman and CEO Rupert Murdoch said double-digit gains in its cable and TV businesses, along with improvements in publishing, drove the revenue and earnings growth.
News Corp., which is separating its publishing and entertainment businesses this year, took a $23M on costs of the separation and another $56M charge on costs over investigations into the News of the World hacking scandal.
Cable network programming revenue climbed 7% to $945M for the quarter on the strength of its regional sports networks, Fox News Channel, FX and National Geographic Channels.
Its Fox broadcasting television unit rose 19% to $224M during the period.
Filmed entertainment declined $10M to $383M, compared with 2011, despite strong performances from “Life of Pi” ($500M box office) and “Taken 2” ($375M).
TW REVENUE FLAT IN Q4
Time Warner reported flat fourth quarter revenues of $8.2B as growth in its networks segment was diluted by declines in film, TV entertainment and publishing.
For the full year, networks revenue was up 5% to $3.7BV as subscriptions mainly at HBO and advertising gains (NBA on TNT, CNN for the election) offset content revenue, which has hit by shuttering TNT in Turkey.
Filmed entertainment declined 4% to $3.7B for the quarter, which was skewed somewhat because of a strong Q4 a year earlier with a “Harry Potter” film and “Batman” videogame release. “The Hobbit” release in Q4 of 2012 helped offset some of the decline, the company said.
TW’s publishing revenue slipped 7% to $969M.
For the full year, revenues dipped 1% to $28.7B.
POST NAMES MERIDA MANAGING EDITOR
The Washington Post has promoted national editor Kevin Merida to managing editor for news and features.
He takes over for Liz Spayd, who left the post in January. John Temple remains managing editor for digital and newsroom operations, budgeting and other matters.
The 56-year-old Merida is the paper's first African-American managing editor and a 20-year veteran of the paper.
"I think we have a great news organization and want everyone to feel that way about it," he said. "We don't lack ideas. We don't lack talent. We have what we need."
He has covered politics, style and national news and features and penned a 2007 biography of Clarence Thomas. His wife is former Post columnist Donna Britt.
Earlier postings included the Mulwaukee Journal and Dallas Morning News.
Sells Washington State Paper
The Post Company also said it has reached an agreement to sell the Everett, Wash., daily news paper The Herald, as well as the Spanish-language weekly La Raza, and their other print and online products to Canada’s Black Press Ltd. and its Washington state-based community media publishing subsidiary Sound Publishing.
The deal is slated to close in early March.
Sound Publishing counts 39 newspaper titles with a combined circulation of 732,700.
The post bought the Herald in 1978. |