Boston Globe sale hits coffers of evolving New York Times Company
The Times Co said it made a loss of $US24 million ($25.3 million), a reversal from the previous third quarter when the company posted a $US2.7 million profit.
The third-quarter figures reflect the impact of the sale of New England Group and related factors such as tax expense. The Times Co agreed in August to sell the group for $US70 million to John Henry, the owner of the Boston Red Sox, and completed the deal last week.
Total revenue for the third quarter rose 1.8 per cent, to $US361.7 million. Advertising revenue fell 2 per cent to $US138 million, the lowest year-on-year quarterly decline in three years. Print advertising revenue declined by 1.6 per cent. Digital advertising revenue shrank 3.4 per cent, to $US32.8 million.
A bright spot was circulation, with revenue growing 4.8 per cent. The number of paid subscribers to the company's digital-only packages was 727,000, a jump of more than 28 per cent.
Mark Thompson, the Times Co's chief executive, said the company had made encouraging progress.
"We increased our revenue, decreased our costs and, as a result, significantly increased our operating profits compared with the same quarter last year," he said.
The Times Co has undergone a transformation in recent years by selling off peripheral assets and focusing on its core brand, The New York Times newspaper and website. In 2012, it sold 16 regional newspapers and other assets.
The company has now started to focus on expanding globally. This month, it renamed The International Herald Tribune as The International New York Times and continued its plans to expand its international footprint. "We also made significant progress on our strategic initiatives," Mr Thompson said.
Frequently Asked Questions about this Article…
The New York Times Company reported a loss in the third quarter primarily due to the sale of the New England Media Group, which included The Boston Globe. This sale, along with related tax expenses, significantly impacted their financial results.
The New York Times Company reported a loss in the third quarter primarily due to the sale of the New England Media Group, which included The Boston Globe. This sale, along with related tax expenses, significantly impacted their financial results.
Digital subscriptions had a positive impact on The New York Times Company's revenue, contributing to a slight overall increase. The number of paid subscribers to their digital-only packages grew by more than 28%, reaching 727,000.
Digital subscriptions had a positive impact on The New York Times Company's revenue, contributing to a slight overall increase. The number of paid subscribers to their digital-only packages grew by more than 28%, reaching 727,000.
The sale of the New England Media Group, which included The Boston Globe, was a significant factor in The New York Times Company's third-quarter loss. The sale was completed for $US70 million to John Henry, the owner of the Boston Red Sox.
The sale of the New England Media Group to John Henry for $70 million was a significant factor in The New York Times Company's third-quarter loss. However, it was part of the company's strategy to focus on its core brand and streamline operations.
Advertising revenue for The New York Times Company fell by 2% to $US138 million in the third quarter. This decline was the lowest year-on-year quarterly decrease in three years, with print advertising revenue declining by 1.6% and digital advertising revenue shrinking by 3.4%.
Advertising revenue for The New York Times Company fell by 2% to $138 million in the third quarter. This decline was the lowest year-on-year quarterly drop in three years, with print advertising revenue decreasing by 1.6% and digital advertising revenue shrinking by 3.4%.
The New York Times Company has undergone a transformation by selling off peripheral assets and focusing on its core brand, The New York Times newspaper and website. They have also started expanding globally, renaming The International Herald Tribune as The International New York Times.
The New York Times Company has been transforming by selling off peripheral assets and focusing on its core brand, The New York Times newspaper and website. They have also started expanding globally, renaming The International Herald Tribune as The International New York Times.
The New York Times Company plans to continue expanding its international footprint. This includes renaming The International Herald Tribune as The International New York Times and making significant progress on their strategic initiatives.
The New York Times Company is focusing on expanding its international footprint. They have renamed The International Herald Tribune to The International New York Times and are continuing to work on strategic initiatives to grow globally.
Circulation revenue for The New York Times Company grew by 4.8% in the third quarter, marking a bright spot in their financial performance amidst other challenges.
Circulation revenue for The New York Times Company grew by 4.8% in the third quarter, marking a bright spot in their financial performance. This growth was supported by an increase in digital subscriptions.
Mark Thompson, the CEO of The New York Times Company, stated that the company made encouraging progress by increasing revenue, decreasing costs, and significantly increasing operating profits compared to the same quarter last year.
Mark Thompson, the CEO of The New York Times Company, stated that the company made encouraging progress by increasing revenue, decreasing costs, and significantly boosting operating profits compared to the same quarter last year.
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