 |
The New York Times Co. today reported first-quarter operating profit rose 22.4 percent to $34.1M on a 3.8 percent jump in revenues to $413.9M. Net income soared 66.2 percent to $21.9M.
Subscription revenues advanced 7.5 percent to $260.6M, offsetting the 3.4 percent dip in ad sales to $125.7M.
CEO Mark Thompson noted that the Times added 139K digital-only subscribers during the period, up 25.5 percent from the year-ago period.
Subscriptions to the NYT’s news products accounted for 99K of the new customers, while cooking and crossword sites accounted for the rest.
Thompson said digital advertising slipped six percent during the quarter compared with the last year’s strong performance that was driven by the fall-out from the post-election and Trump inauguration.
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.
Have a comment? Send it to 
No comments have been submitted for this story yet.