NY Times Co. ad revenue down in Q2
New York—The New York Times Co. announced that advertising revenue declined 6.8% to $244 million in the second quarter compared with the year-earlier period.
Total revenue declined 0.6%, while circulation revenue increased 8.3%. Digital revenue fell 4%, primarily due to lower revenue at the About Group (which includes About.com). Total paid digital subscriptions rose 13%, to 532,000, as of March 18. Last March, the Times Co. introduced a metered subscription model for its digital subscriptions. Earlier this year, the Times Co. moved its paywall to 10 free articles a month to nonsubscribers, instead of 20.
Excluding depreciation, amortization, severance and special items, operating profit increased 6.5% to $78.1 million compared with the year-earlier period.