The New York Times Co. moved into the black during the 2Q, posting a $15.6M net income, up from a $211K red ink performance of a year ago deficit.
Operating profit grew to a $27.7M, up from $9.1M in 2016. Revenues jumped 9.2 percent to $407.1M.
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Mark ThompsonCEO Mark Thompson said NYTC registered a “strong quarter” in which it grew revenue and profitability and made “significant changes to ensure that the acceleration of our digital business continues in the long-term.”
The Times cracked the 2M digital-only news subscriber mark during the period. Digital-only subs rose 69 percent to the 2.3M level.
Revenues from digital-only news products jumped 46.4 percent to $82.5M. Digital advertising jumped 22.5 percent to $55.2M sparked by increased revenues from the smartphone, programmatic and branded content segments.
Print advertising continued to fall, dropping to $77.1M as the luxury, real estate, telecommunications, technology and travel categories registered declines.
The Times had an $11.9M charge for streamlining the company’s overseas print operation and an $11.7M write-off for a partial withdrawal obligation under a pension plan. Severance costs weighed in at $19.3M.
Thompson expressed optimism for the future. “We believe that more and more people are prepared to pay for high-quality, in-depth journalism that helps them make sense of the world,” he said.
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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