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.
Michael Kaminer, who was responsible for the Observer’s “Power List” for the past 13 years, has cut ties with the publication... The New York Times Company continues the march toward its goal of 15 million subscribers by the end of 2027... The John D. and Catherine T. MacArthur Foundation is providing more than $6 million in funding to eight organizations working to address the challenges local news and information environments face along the U.S.-Mexico border.
Conservative outlets Fox News, Newsmax and the Daily Caller are holding back from signing Pete Hegseth’s edict restricting press access in the Pentagon... CBS News sees the first executive departure of the Bari Weiss era as head of standards and practices Claudia Milne exits... Indiana University shuts down the print version of The Indiana Daily Student.
Rothschild family plans to unload 26.7 percent stake in The Economist... STAT, a digital media company that focuses the life sciences, brings back Damian Garde, who anchored its biotech newsletter and podcast from 2016 to 2024... High Times officially resumes print publication (following its 2024 shutdown) with the release of a limited-edition, collectible 50th anniversary issue. 
CBS News is set to hand over its reins to The Free Press co-founder Bari Weiss as Paramount acquires her site for $155M... C-SPAN comes on board as an official media partner of the U.S. Semiquincentennial Commission, which is charged by Congress to lead the celebration of the 250th anniversary of the signing of the Declaration of Independence... A new Gallup survey says that the level of trust that US audiences have in the media has hit a new low.
Paramount Skydance CEO David Ellison has named Kenneth Weinstein, former head of the conservative Hudson Institute, as ombudsman for CBS News.
