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The New York Times Co. reported a 6.1 percent rise in Q1 revenues to $439M, driven largely by a 55.8 percent surge in cash generated from events, licensing, commercial printing, rentals and retail commerce.
Subscription revenues advanced 3.9 percent to $270M, while advertising sales were flat at $125M. The “other revenues” category grew to $43.2M. Operating profit inched ahead by 1.6 percent to $34.6M.
CEO Mark Thompson said the company completed “another strong” quarter as it moves toward its goal of 10M total subscriptions by 2025.
The NYTC added 223K digital-only subs, of which 144K were for its flagship publication. Thompson noted that the Crossword digital product passed the 500K subscriber mark, making it the No. 5 pay site from a US media company.
Thompson anticipates a “low-to mid-single digit growth” in subscription revenues during the current quarter and digital-only subs increasing in the mid-teens.”
Total ad revenues are expected to be flat though digital ad revnues are expected to advance in the mid-teens.
During his conference call, Thompson said the newsroom has grown to an all-time high of 1,600 staffers. He promised to add more people in 2019.
Thompson boasted that the investigative reporting of the Times drives not only “user engagement and digital subscriptions, but also drives America’s and the world’s agenda."
He noted that The Mueller Report cited NYT coverage more than 100 times, a number greater than any other news source.
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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