NYT Co. posts 2Q loss on write-down, reports digital subscriptions growth
New York Times
The New York Times Company says its net loss of $119.7 million in the second quarter was due in part to a noncash write-down of $161.3 million to reflect the declining value of its Regional Media Group. Excluding one-time items and severance costs, the company’s operating profit in the quarter was $82.9 million vs. $92.6 million in the period a year earlier. More from the Times:
* Revenue declined 2.2 percent, in large part because of a 4 percent decrease in advertising.
* A 2.6 percent increase in online advertising revenue partly offset a 6.4 percent decline in print advertising.
* Since March, The Times has signed up 224,000 paying subscribers to NYTimes.com.
* Circulation revenue was up 1.6 percent at The New York Times Media Group but down 5.4 percent at the New England Media Group, which includes The Boston Globe, and down 1.7 percent at the regional papers.