The New York Times Co. today reported $33M in Q3 operating profit compared to $8.9M a year ago due to higher digital subscription revenues and lower severance costs, which offset the continued decline in print ad sales.
Revenues advanced 6.1 percent to $385.6M, sparked by a 13.6 percent gain in subscription sales. Print advertising revenues tumbled 9.0 percent to $113.6M.
The company counted 2.5M paid digital-only subscribers as of the Sept. 30 end of Q3. That’s a net increase of 154K subs from the end of Q2 and a 59.1 percent hike from a year ago.
Digital advertising, which accounts for 43.3 percent of total ad revenues, grew 10.8 percent to $49.2M from the '16 period, driven by smartphone, programmatic and branded content revenues.
The 20 percent drop in print revenues was due to a fall-off of display advertising in the real estate, luxury, travel, media, technology and telecom categories.
CEO Mark Thompson anticipates high-teen growth in subscription revenues and high single-digit decline in ad revenues during Q4.
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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