The New York Times Co. reported a $14.3M Q1 loss, which compares to a $1.7M profit during the 2014 period.
Revenue slipped 1.6 percent to $384.2M, largely due to a 5.8 percent dip in advertising sales. Print ad revenues plummeted 11.1 percent, while digital spots increased 10.7 percent to $42.3, which represents 28.2 percent of total advertising.
Despite the red ink performance, CEO Mark Thompson said the company "got off to a sold start in early 2015" as it maintained digital momentum.
Digital subscriber count grew by 47K in the period to 957K. That was the best quarterly performance in two years.
Thompson said new audience development efforts resulted in improved reader retention and higher website traffic. He promised to make continued digital investments through 2015, while keeping a cost management push in place.
During Q1, the company took a $40.3M pension settlement charge in connection with a lump-sum payment to certain former employees.
There was a $4.7M charge for a partial withdrawal obligation under a multiemployer pension plan.
Thompson said 2Q circulation revenue is expected to increase at the same rate to that of the just-completed quarter.
Ad revenue is expected to dip in the mid-single digital compared to last year's period.
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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