The New York Times Co. moved into the black during the 2Q, posting a $15.6M net income, up from a $211K red ink performance of a year ago deficit.
Operating profit grew to a $27.7M, up from $9.1M in 2016. Revenues jumped 9.2 percent to $407.1M.
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Mark ThompsonCEO Mark Thompson said NYTC registered a “strong quarter” in which it grew revenue and profitability and made “significant changes to ensure that the acceleration of our digital business continues in the long-term.”
The Times cracked the 2M digital-only news subscriber mark during the period. Digital-only subs rose 69 percent to the 2.3M level.
Revenues from digital-only news products jumped 46.4 percent to $82.5M. Digital advertising jumped 22.5 percent to $55.2M sparked by increased revenues from the smartphone, programmatic and branded content segments.
Print advertising continued to fall, dropping to $77.1M as the luxury, real estate, telecommunications, technology and travel categories registered declines.
The Times had an $11.9M charge for streamlining the company’s overseas print operation and an $11.7M write-off for a partial withdrawal obligation under a pension plan. Severance costs weighed in at $19.3M.
Thompson expressed optimism for the future. “We believe that more and more people are prepared to pay for high-quality, in-depth journalism that helps them make sense of the world,” he said.
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Trump Media and Technology Group Corp. has replaced CEO and former California Congressman Devin Nunes with Kevin McGurn, a seasoned media sales executive.
The Pittsburgh Post-Gazette is being bought by the Venetoulis Institute for Local Journalism, a nonprofit that is the parent organization of the Baltimore Banner... The British Broadcasting Corporation is axing approximately 2,000 jobs, about 10 percent of its work force... Snap, the company behind Snapchat, is also succumbing to layoff fever, announcing plans to lay off 16 percent of its employees, about 1,000 people.
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