The New York Times Co. joined McClatchy yesterday in booking a rare operating loss for the third quarter, $9 million or about 2.5 percent on revenues of $364.7 million.
But the many moving parts of the Times digital transformation effort had a number of positives mixed in as well. Here are nine takeaways:
- About that loss. It was driven by high costs associated with staff reductions ($20 million) and investment in new products. The first will be a one-time blip. But the Times will be launching and relaunching new digital versions for some time to come. Each is expensive to develop and market, and significant new revenues may be slow in coming.
- Equilibrium in ad and circulation revenues. A 17 percent year-to-year gain in digital advertising for the quarter roughly offset a 5 percent decline in print.