NYTC REPORTS BIG RISE IN NET SUN’S ROYAL EDITOR ARRESTED
The New York Times Co. April 19 reported a $42M first-quarter net profit, bolstered by a $29M gain from the sale of its regional newspaper group.
Operating profit slipped 24 percent to $19.6M on flat revenues of $499M.
CEO Arthur Sulzberger said in a statement the NYTC faces challenges in the advertising marketplace due to “uneven U.S. economic environment and uncertain global conditions.”
On the digital front, paid subscriptions to the New York Times and International Herald Tribune rose 16 percent to 454K from the fourth quarter. Paid subs to the Boston Globe rose 13 percent to 18K.
Sulzberger was buoyed by that performance. “Our readers have embraced our digital strategy, which has provided a successful model for the industry,” he said in a statement.
Digital ad sales slipped 10.3 percent to $71.1M, largely due to a lackluster performance from the About Group.
Sulzberger predicts a modest improvement from About during the current quarter.
MEREDITH RECRUITS AOL VETERAN
Meredith Corp. has named Jon Werther, an AOL alumnus, chief strategy officer, to plot new initiatives at the publisher of women’s magazines such as Better Homes and Gardens, Ladies’ Home Journal, More and Everyday with Rachel Ray.
Werner helped guide AOL’s transition from dial-up service to a web-based media company. As executive VP-integrated operations, Werther was in charge of process improvement, acquisitions, strategic development and global growth.
Most recently, he held the president position at Simulmedia, an audience-targeted TV ad network that reaches more than 100M U.S. households.
Werther will report to Stephen Lacy, Meredith’s chairman and CEO, when he joins the company April 30.
TNR PUB SHIFTS TO MACNEIL-LEHRER
Michael Rancilio, publisher and COO at The New Republic, is joining MacNeil-Lehrer Productions on May 1 as VP-development and chief revenue officer.
He will be in charge of corporate underwriting, foundation relations and individual giving for the company and the PBS NewsHour.
Rancilio, 40, handled consumer marketing and sales at AOL and The Atlantic before joining TNR.
Bo Jones, president at MacNeil-Lehrer Productions, says Rancilio’s track record in building revenue streams and appreciation of quality journalism makes him a good fit at the company.