The New York Times Company saw net income jump nearly 48% in the fourth quarter to $51.7M as lower costs and severance expenses offset flat revenues of $444.7M.
The Times said operating costs fell 7.7% during the quarter to $352.7M. It added 53,000 new paid digital subscribers in Q4, the most in three years.
Despite previous reductions, the company said it plans a "sweeping examination" of the newsroom to identify further areas for cost reductions.
Circulation revenues inched up 1.3% while ad revenues fell 1.3% during the quarter. Print ads fell 6.6% while digital ads climbed 10.6% to $69.9M. Digital subscriptions climbed 13.3% in the fourth quarter worth $50.4M.
President and CEO Mark Thompson called 2015 "a year of progress" for the Times, noting its virtual reality play, growth in its T Brand Studio and mobile, as well as digital growth.
For the year, revenues slipped 0.6% to just under $1.6B. Digital ads rose 8.2% to $197.1M. Print fell 8%.
The Times claims 1,094,000 digital-only subscribers as of the end of Q4, up 20% over Q4 of 2014.
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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