By Kevin McCauley
The New York Times Co. today reported fourth-quarter net dropped 12.2 percent to $58.9M as revenues slid 2.8 percent to $642.9M due to the challenging economic environment.
CEO Arthur Sulzberger said work continues in the program to maximize shareholder value though the “disciplined implementation of our digital strategy and our ongoing effort to become an even more agile and competitive organization.”
The Times suffered a 7.1 percent drop in Q4 ad revenues to $358.5M. On the digital front, ad revenues fell 4.9 percent to $95.7M due largely to declines in cost-per-click and display ads in the About Group.
Paid digital subs to the New York Times and International Herald Tribune rose 20 percent to 390K since the end of the third quarter.
Sulzberger, who took over for Janet Robinson, said the NYTC is transforming itself into a multiplatform media company and pursuing a strategy that “focuses on the development and diversification of its brands on a global scale.”
For the full-year, NYTC lost $40.2M compared to a $108.7M 2010 profit. |