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The New York Times Co. today reported $55.2M in Q4 net income compared to a year ago $56.8M loss and a 265K surge in digital subscribers, the biggest gain since the 2016 presidential election.
Paid-only digital subs rose 27.1 percent from the 2017 Q4 period. Of the 265K new subscribers, 172K were for the news site with the others split between cooking and crossword products.
Mark Thompson CEO said the NYTC ended 2018 with 3.4M digital subscriptions and 4.3M total subscriptions.
The company chalked up $709M in 2018 digital revenues, which is three-quarters of the way to achieving its five-year goal of $800M by 2020.
In a sign of bullishness, Thompson plans to grow the subscription base to more than 10M by 2025.
Wall Street cheered the NYTC performance, bidding its stock up 13.6 percent to a 52-week high of $30.56.
The stock traded as low as $21.34 during the past year.
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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