NYTCO Revs Edge Up
For
the first time in years, the New York Times Co. has posted a year-over-year gain in quarterly revenues -- a rare bright spot in the struggling newspaper industry. Total revenues edged up 0.6% to $515
million in the second quarter of 2012. Total revenues at its News Media Group increased 1.2% to $489 million.
The gain was due to an increase in circulation revenues, resulting from
the company’s introduction of digital subscriptions last year. NYTCO’s total circulation revenues increased 8% to $233 million in the second quarter of 2012. According to the company, the
total number of digital subscriptions increased from 472,000 at the end of the first quarter of this year to 532,000 at the end of the second.
The advertising environment remains
weak, however, with total advertising revenues dipping 6.8% to $244 million in the second quarter. Print advertising decreased 8%, while digital advertising (usually a growth area for newspaper
publishers) decreased 4%, due primarily to drops at the About group. At the News Media Group, ad revenues fell 6.6%, with print down 8% and digital down 1.6% to $53 million.
The
company also posted a one-time gain of $63 million from the sale of its remaining interest in Boston’s Fenway Sports Group, the parent company of the Boston Red Sox, which owns Fenway Park, as
well as a large share in the New England Sports Network cable TV channel. Altogether, the company has reaped $225 million from the sale of its share of FSG, representing a three-fold return on its
initial purchase price.
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