Saturday, April 15, 2006

Some good news: the fifth columnists in the Fourth Estate are drowning in their vitriol
Lagging Ad Sales Contribute to Earnings Decline at Newspaper Chains

THE newspaper industry continues to flag financially, with three companies — The New York Times, Tribune and McClatchy — reporting sharply lower first-quarter earnings yesterday.

Executives of all of the newspaper companies said they were hurt by stagnant advertising, particularly in the automotive and entertainment categories, and a continuing rise in the cost of newsprint. The Times Company and Tribune also cited the cost of severance packages after cutting hundreds of jobs…

At The New York Times Company, profit fell 69 percent, to $35 million, or 24 cents a share, down from $111 million, or 76 cents a share, in the first quarter of last year. The company attributed much of the decline to a big gain that it reported last year after it sold its headquarters in Midtown Manhattan. The company and The New York Times newspaper plan to move into new headquarters nearby in the second quarter of next year.

Total revenue at the Times Company rose 3.3 percent, to $832 million. Internet businesses now account for $62 million, or 7.5 percent of all revenue. Last year, they accounted for 4.5 percent. The company attributes the growth largely to its acquisition last year of About .com, a consumer-oriented Web site...

1 Comments:

Anonymous bob said...

When I was a younger I couldn't understand how someone could not read a newspaper every day.

But the liberal bias is so bad I seldom read the one we get and if it wasn't for the coupons we wouldn't subscribe.

4/15/2006 7:43 PM  

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