New York Times ad sales down 28.4%
Ad sales at the New York Times Company dropped 28.4% for the first quarter of 2009, an accelerated decline as the recession continues to bite.
The company reported an operating loss of $61.6 million for the quarter, vs a profit of $6.2 million for the same quarter in 2008. Excluding depreciation, amortization, severance and special items, first-quarter 2009 operating profit was $16.5 million compared with $77.7 million in the first quarter of 2008.
Online offered no help to the company, with About.com reporting a decrease in revenue of 4.7% off a 4.1% drop in advertising. Total internet revenues dropped 5.6%, with the newspaper web sites reporting a 8% drop in advertising.
The only bright spot was a decrease in operating costs of 9.5%, not enough to offset the decline in revenue, but heading in the right direction.
Full release here.
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Apr 22, 2009
NYT made decisions sealing its fate as early as 1995 when it declined buying into Monster.com. NYT was so convinced of its old business model it refused to consider changes, and now the market has shifted leaving NYT uneconomic. Read more at http://www.ThePhoenixPrinciple.com