Articles about "Earnings reports"


News Corp’s revenue falls

News Corp

Revenue at News Corp’s news and information division fell 6 percent in the last quarter of the corporation’s fiscal year, and 9 percent in the full year, when compared with the respective same periods the year before.

“The majority of the revenue decline reflects lower advertising revenues at the News and Information Services segment, the sale of LMG and foreign currency fluctuations, partially offset by strong performance in the Book Publishing and Digital Real Estate Services segments,” the company says in an earnings release. “LMG” refers to Dow Jones’ Local Media Group, which the company sold last September.

Overall revenue was down 3 percent in the fourth quarter and 4 percent for the year. Circulation and subscription revenues were down 5 percent in the year, the report says. Advertising revenue in the news division, which includes Dow Jones, The Wall Street Journal and the New York Post, was down 10 percent in the year.

News Corp paid $169 million, with $72 million “net of indemnification” from former corporate sibling 21st Century Fox, in matters related to the U.K. phone hacking investigations, or as News Corp puts it, “related to the claims and investigations arising from certain conduct at The News of the World.” Those matters cost the company $183 million the previous year. Read more

Tools:
0 Comments
Tennessean-AP

Tennessean will use data, not ‘the journalist’s gut,’ to make decisions

mediawiremorningGood morning. Here are 10 (ha ha, OK, you got me, it’s more than 10) media stories.

  1. 21st Century Fox won’t pursue Time Warner: Rupert Murdoch sent a honcho-to-honcho email to Jeffrey L. Bewkes Tuesday afternoon, notifying the Time Warner chief he was withdrawing his previous offer. (NYT) | “Arguably, shareholders had scuttled” the deal already, Brian Stelter writes: “21st Century Fox shares had dropped nearly 10% since the initial bid for Time Warner earlier this summer.” (CNN) | “Long media nerd earnings day. Was going to be fun. But now… [sad trombone]” (@pkafka) | “One large Fox investor said the market is worried about Murdoch’s discipline when it comes to deal-making,” Cristina Alesci reported Tuesday morning. (CNN) | Time Warner revenue was up 3 percent in the second quarter of 2014 over the same period the year before. HBO’s revenue was up 17 percent. (Variety) || Former corporate mate Time Inc. released earnings, too: Revenue was down 1.6 percent. (WWD) | An analyst tells Nicole Levy more layoffs are possible at Time Inc. (Capital)
  2. Tennessean’s “newsroom of the future” will have fewer employees: Everyone will have to reapply for new jobs at the Gannett-owned paper, Executive Editor Stefanie Murray writes. (The Tennessean) | Blake Farmer reports: “Currently, the headcount is at 89. There are 76 positions on the new org chart.” (Nashville Public Radio) | Read: Fewer editors. The reporting staff will grow from 37 to 43, Murray told Poynter in a phone call Tuesday evening. Management positions will fall from 17 to 10. The goal is “self-sufficient reporters producing publication-ready copy,” Murray said. New roles include audience analysts, engagement editors, storytelling coaches and content strategists, and coverage will be determined by listening to readers and gaining a deep understanding of audience analytics: “We’re going to use research as the guide to make decisions and not the journalist’s gut,” she said. The reapplication process should be complete by mid-September, Murray said. || Farmer reported The Tennessean is one of Gannett’s “beta” newsrooms, and indeed, Gannett’s Asheville (North Carolina) Citizen-Times is undergoing a “sweeping reconfiguration” as well. (Citizen-Times)
  3. The NSA stunk up The Intercept’s scoop: The spy agency gave documents to AP reporter Eileen Sullivan after The Intercept asked about them. “After seeing you had the docs, and the fact we had been working with Eileen, we did feel compelled to give her a heads up,” Ryan Grim reports an NSA official told Intercept EIC John Cook in a conference call. “We thought she would publish after you.” (HuffPost) | Sullivan is “no govt shill,” former AP reporter Matt Apuzzo tells Grim in a very interesting discussion. (@mattapuzzo) | The Intercept’s story. | AP’s story.
  4. A look at RT: Mashable interviews current and foreign journalists: Former RT reporter Sara Firth says, “The problem comes if you have information that isn’t in line with what RT is saying. That’s never going to get on air.” RT host Anissa Naouai tells Mashable: “I’m not necessarily sure that after RT I’d want to work for the media.” (Mashable) | Related: David Remnick on Vladimir Putin’s “New Anti-Americanism” (The New Yorker)
  5. Article from Washington Post’s new “Storyline” project takes grisly editor’s note: “Several passages have been removed from this story because the source of those passages, Mickyel Bradford, has admitted to fabricating them,” a note on Jeff Guo‘s story about “The black HIV epidemic” reads. (The Washington Post) | Because of the way the story framed Bradford’s false narrative, “readers might have supposed that Guo was right there, witnessing the interactions between the two men.” (The Washington Post) | Related: “For woman in New York Times hoarding article, a long wait for an editor’s note” (The Washington Post)
  6. BuzzFeed has a new president: Greg Coleman has worked at The Huffington Post and at the advertising agency Criteo. The latter résumé item “is increasingly valuable as publications work to counter the downward march of rates for traditional online advertising,” Ravi Somaiya writes. (NYT)
  7. Dan Snyder’s small media empire: Dave McKenna details the Redskins owner’s never-ending search for friendly coverage. “Lots of the worst things about modern sports marketing—team-produced programming and team-owned news operations—were Snyder innovations.” (Deadspin)
  8. HuffPost moving into Middle East: Plans to “launch an Arabic-language edition aimed at the growing number of young people in the Middle East with mobile devices.” The staff will be based in London. (The Guardian)
  9. Bill Keller says NYT Co. shouldn’t test employees for marijuana use: Current policy “proves that reports of the death of irony are much exaggerated,” he says in a Reddit AMA. (Poynter) | Related: Snoop Dogg asked Times Editorial Page Editor Andy Rosenthal “whats wrong wit a lil wake n bake??” during another AMA Tuesday. (Mediaite) | Rosenthal invited him to visit the Times building, Paul Smalera reports, explaining that “wake and bake” is “a slang term for the act of smoking marijuana upon rising in the morning.” (NYT) | “‘With Juice, Gin’” (@mattfleg)
  10. Job moves, edited by Benjamin Mullin: Mirta Ojito will be director of news standards for Telemundo. Formerly, Ojito was an assistant professor at the Columbia University Graduate School of Journalism. (Telemundo) | Mike Nizza will be executive editor of the as-yet unlaunched Bloomberg Politics website. Formerly, Nizza was digital editor at Esquire. (Fishbowl DC) | Lauren Kern will be executive editor of New York Magazine. Previously, she was deputy editor at The New York Times Magazine. (Capital New York) | Job of the day: The (Tupelo) Northeast Mississippi Daily Journal is looking for a law enforcement reporter. Get your résumés in! (Journalism Jobs) | Send Ben your job moves: bmullin@poynter.org.

Suggestions? Criticisms? Would like me to send you this roundup each morning? Please email me: abeaujon@poynter.org. Read more

Tools:
2 Comments
Earns Gannett

Gannett spins off, Murdoch and Time Warner square off

mediawiremorningGood morning. Here are 10 media stories.

  1. Gannett will split publishing, broadcast assets: Its acquistion of broadcast companies and the 73 percent of Cars.com it didn’t own make this “the right time for a separation,” CEO Gracia Martore says in a statement. Robert J. Dickey will run the publishing company, which be called Gannett and will hold USA Today and 81 dailies, plus the U.K.’s Newsquest. (Poynter) | Just yesterday, Ken Doctor asked whether Gannett would be the next big media company to split its assets. (Nieman) | Rick Edmonds explained the rash of splits last week. Newspaper groups can “theoretically do better with management whose exclusive focus is on the particular challenges of that industry,” he wrote. (Poynter)
  2. Let us now observe Rupert Murdoch’s mating dance: Time Warner’s “unyielding stance has at least some analysts wondering if an acquisition really is inevitable,” Jonathan Mahler writes. The company is “trying to stir up doubts about the prospects of a combined entity, underscoring the potential for regulatory concerns and playing up the possibility of a culture clash between the generally liberal, purely public Time Warner, and the conservative, essentially family-run Fox.” (NYT) | Both companies announce earnings tomorrow. | Murdoch’s 21st Century Fox “is expected to make an aggressive case for merging with Time Warner Inc during its quarterly earnings call,” Jennifer Saba writes. Time Warner “will be on the hook to explain why it is better off going solo.” (Reuters) | Viacom, CBS and Disney also announce earnings this week. “All major media companies reporting this week are expected to show some weakness in their advertising business,” Amol Sharma writes. (WSJ)
  3. Mobile traffic dropped 8.5 percent during Facebook outage: And desktop traffic increased 3.5 percent. “While we certainly can’t claim that the outage was the cause of that uptick in desktop traffic, the timing is certainly notable,” Josh Schwartz writes, saying there was a “9% increase in homepage direct traffic on sites with loyal homepage followings.” (Chartbeat) | “Four takeaways from Facebook’s outage for publishers” (The Media Briefing) | Vaguely related: Google News launches a center for publishers. Here’s how it says to get the most out of it. (Google)
  4. The newspaper in the “middle” of the Gaza war: Haaretz “has the most potential for bridging across biases and political barriers” in coverage of the conflict, Gilad Lotan writes. (Medium) | “Unfortunately, Ha’aretz is struggling, squeezed both by the general decline of print newspapers and the growing rightward tilt of Israeli opinion.” (Quartz)
  5. Journalism Diversity Project relaunches: A list of journalists for bosses who say they can’t find qualified minority applicants. “Who makes the list? People of color, committing acts of journalism, and pushing the craft forward in the digital age.” (Journalism Diversity Project) | BACK IN 2011: “How a Twitter chat led to an online minority talent bank” (Poynter)
  6. The Washington Post announced its sale to Jeff Bezos a year ago today: Former owner Don Graham “has had a big burden lifted off him and he is very focused on looking forward and not back,” Slate chairman Jacob Weisberg tells Christine Haughney. (NYT) | FLASHBACK: Here’s audio of Graham’s announcement to Post staffers. (Poynter)
  7. Anchor faces charges: KTXL anchor Sabrina Rodriguez was charged with stealing wallets at a Coach store in Folsom, California. (Sacramento Bee) | “Her fiancé is behind bars on drug and arson charges.” (CBS Sacramento) | Rodriguez has taken leave. (KTXL)
  8. Leave James Risen alone: Reporters Committee for Freedom of the Press and Committee to Protect Journalists back a petition supporting the New York Times reporter. (CJR)
  9. “Selfie” and “bromance” will get the headlines: But true Scrabble players know the real news is that the Scrabble dictionary now has four new two-letter words. (AP)
  10. Job moves, edited by Benjamin Mullin: Hatzel Vela will be a reporter for WPLG in Miami. Formerly, he was a reporter with WJLA in the Washington, D.C. area. Nina Judar will be beauty director for More magazine. Formerly, she was beauty director for Good Housekeeping. (Meredith Corporation) | Jessica Torres will be deputy editor of Siempre Mujer. Formerly, she was lifestyle editor there. (Meredith Corporation) | Eric Ulken will be executive director for digital strategy for Interstate General Media. Currently, he is product director at Seattletimes.com. (Philly.com) | Jeff Bergin has been named vice president of vertical strategy at Hearst Newspapers. Previously, he was senior vice president of advertising sales at the San Francisco Chronicle. (Hearst.com) | Mark Ellis has been named senior vice president of corporate sales for Time Inc. Previously, he was vice president of North American sales at Yahoo. (Time Inc.) | Kelly Cobiella has been named London correspondent for NBC News. Previously, she’d been a correspondent for both ABC News and CBS News. (TV Newser) | Job of the day: Mozilla is looking for freelance tech reporters for Mozilla Voices. Get your résumés in! (Journalism Jobs) | Send Ben your job moves: bmullin@poynter.org.

Suggestions? Criticisms? Would like me to send you this roundup each morning? Please email me: abeaujon@poynter.org.

Note: A previous version of this story incorrectly said that Jessica Torres will be deputy beauty director of Siempre Mujer. In fact, she will be deputy editor. Read more

Tools:
0 Comments
New York Times Slim

NYT acknowledges Carol Vogel lifted from Wikipedia

mediawiremorningGood morning. 10-ish, anyone?

  1. NYT acknowledges Carol Vogel lifted from Wikipedia: Part of a July 25 column “used specific language and details from a Wikipedia article without attribution; it should not have been published in that form,” a grisly editor’s note reads. (NYT) | Times spokesperson Eileen Murphy told Ravi Somaiya “editors have dealt with Carol on the issue.” (NYT) | “It seems to me that there can be little dispute about the claim,” Times Public Editor Margaret Sullivan wrote Wednesday. “Anyone can see the similarity.” (NYT)
  2. E.W. Scripps Co. and Journal Communications will combine broadcast properties, spin off newspapers: The companies “are so similar and share the deep commitment to public service through enterprise journalism,” Scripps Chairman Richard A. Boehne says. Among the newspapers in the new company, named Journal Media Group: The Milwaukee Journal Sentinel and The (Memphis, Tennessee) Commercial Appeal (Milwaukee Journal Sentinel) | “The complicated transaction is the latest move by media companies to focus on either television or print operations, with nearly all choosing to leave behind the slower-growing print business.” (NYT) | Al Tompkins: Scripps “is well positioned to cash in on mid-term political spending with stations in hotly contested political grounds of Ohio and Florida.” (Poynter) | “This deal looks much better for print spinoff than the Tribune deal. No debt or pension obligation. That is huge.” (@dlboardman)
  3. News Corp may bring back something like The Daily: It’s “working on an app-based news service aimed at ‘millennial’ readers” that would “would blend original reporting with repurposed content from News Corp properties such as the Wall Street Journal,” Matthew Garrahan reports. (FT) | Earlier this month, News Corp VP of product Kareem Amin talked about a project in development: “Our users are getting older and our products don’t have as much reach into the younger generation, and we would like to reach them on mobile devices,” Craig Silverman reports he said. (API) | #TBT: Jeff Sonderman on lessons from The Daily’s demise (Poynter)
  4. David Frum apologizes: Images from Gaza he questioned “do appear authentic, and I should not have cast doubt on them.” (The Atlantic) | “Atlantic spokesperson Anna Bross says Frum isn’t facing any repercussions from the company.” (Poynter) | “Frum showed how utterly inclined he is to believe and recirculate a claim of Palestinian photo fakery. Journalists guard against their biases by checking their reporting before publishing it.” (The Washington Post)
  5. Is Vocativ for real? The company, which says it plumbs the “deep web” for stories, has a deal to provide video to MSNBC and is about to announce a series on Showtime. But many who’ve used its vaunted software, Johana Bhuiyan reports, describe “a milieu in which they and other employees continually misled the company’s leadership about the usefulness of the software in their reporting, writing and video work.” Also worth noting: One exec tells Bhuiyan the company paid George Takei “under-the-counter” to tweet stories. (Capital) | #TBT: This is Bhuiyan’s last story for Capital; she’s moving over to BuzzFeed. Earlier this month, she gave advice to media reporters: “Turn your computer off once in a while.” (Poynter)
  6. Where did Plain Dealer journalists land? A year ago today, the paper cut about a third of its newsroom. Where are they now? There “aren’t a lot of of jobs that are cooler than being a reporter,” John Horton, who now works in media relations at Cuyahoga Community College, said. “I mean, that’s what Superman was.” (Poynter)
  7. Why Twitter’s diversity statistics matter: The company is 70 percent male and 59 percent white. That’s “a problem because white men unconsciously build products for white men – products that subtly discourage anyone else from using them,” Jess Zimmerman writes. (The Guardian) | Related: How would Twitter users react if it offered a moderated, Facebook-style feed? (Gigaom)
  8. Thomson Reuters releases second-quarter results: Revenue at the news division was down 1 percent from the same period last year. (Thomson Reuters) | The company’s cost-cutting program helped swing it to a profit, even as net income “was little changed.” (Bloomberg News)
  9. Here is a picture of Bob Woodward and Carl Bernstein in the Washington Post newsroom: “Very, very cool moment.” (‏@JoshWhiteTWP) | Related: Jeremy Barr asks Post Executive Editor Marty Baron whether “that traditional path” to the Post, through small papers, is still the way in. Baron: “I would say that that model passed a long time ago.” (Capital)
  10. Job moves, edited by Benjamin Mullin: Margery Eagan will be a spirituality columnist for Crux, The Boston Globe’s Catholicism vertical. Previously, she was a columnist for The Boston Herald. Lauren Shea is now a project director at The Boston Globe. Formerly, she was a senior digital producer at Arnold Worldwide. Corey Gottlieb and Angus Durocher will be executive directors of digital strategy and operations for Boston.com and The Globe’s online marketplace. Formerly, Gottlieb was a senior manager of product development at Major League Baseball Advanced Media. Durocher was a lead engineer at YouTube. Adam Vaccaro, formerly a writer at Inc. Magazine, has joined The Globe as a staff writer, along with Sara Morrison and Eric Levenson, both from The Atlantic Wire. Laura Amico, the creator of Homicide Watch, has also joined The Globe as news editor in charge of multimedia and data projects. (dankennedy.net) | Lindsay Zoladz will be pop music critic for New York magazine. She’s currently an associate editor at Pitchfork. (@lindsayzoladz) | Eva Rodriguez will be a senior editor at Politico Magazine. Formerly, she was an editorial writer at The Washington Post. (@DylanByers) | Job of the day: Oregon Public Broadcasting is looking for an assignment editor! Get your résumés in! (Journalism Jobs) | Send Ben your job moves: bmullin@poynter.org.

Suggestions? Criticisms? Would like me to send you this roundup each morning? Please email me: abeaujon@poynter.org. Read more

Tools:
0 Comments

Ad revenue down at McClatchy

The McClatchy Co.

Advertising revenue was down 7 percent in the second quarter of 2014 at the McClatchy Co., which released earnings Thursday. “Audience” revenue, which is what McClatchy now calls circulation revenue, was up about 5 percent. Excluding revenue from McClatchy’s change to fee-for-service circulation delivery contracts at some newspapers, circulation revenue was down about 3 percent.

“Still, we continued to see growth in direct marketing and digital advertising revenues and together these two sources accounted for 43% of our total advertising revenue in the quarter,” McClatchy CEO Pat Talamantes said in a statement.

McClatchy’s results include $146 million it made by selling its share of Apartments.com and, “to a lesser extent,” its share in in McClatchy‑Tribune Information Services. Tribune bought out McClatchy’s share in MCT in May. McClatchy also completed the sale of the Anchorage Daily News, which recently changed its name.

For the first six months of the year, advertising revenue was down about 7 percent over last year. Audience revenue was down about 1 percent. Read more

Tools:
0 Comments
Earns Gannett

Circulation revenue rises at Gannett’s local papers

mediawiremorningGood morning. Here are 10 (OK, perhaps slightly more than 10) media stories.

  1. Gannett had a good second quarter: Broadcast revenue was “almost 88 percent higher in the quarter compared to the second quarter last year.” Publishing advertising revenue fell about 5 percent; circulation was roughly flat, and “At local domestic publishing sites, home delivery circulation revenue was up in the quarter due, in part, to strategic pricing actions associated with enhanced content.” (Gannett)
  2. Washington Post fights the “wonk wars”: The Washington Post’s new “Storyline” project is “dedicated to the power of stories to help us understand complicated, critical things,” Editor Jim Tankersley writes. (The Washington Post) | Michael Calderone takes a look: “It’s unlikely The Post would’ve launched a project like Storyline a few years ago.” (HuffPost) | Tankersley writes that as a college student he was inspired by Richard Read‘s 1998 series about french fries: “Those stories brought the crisis home in a way no textbook or straight news piece could, because at each step, they showed how global trends touched people’s lives and livelihoods.” (The Oregonian)
  3. Why corrupt politicians should avoid Vermont: Vermont has the best-covered legislature in the country, and California has the worst, Pew finds. It takes another view of its data on statehouse reporters, looking at the relationship between the number of reporters and states’ population. (Pew) | “Yes, most national news sites have had to slim down but they remain major behemoths in terms of staff. Regional and local news organizations have been hit far harder, meaning that the at-the-roots level coverage of politicians and policies is significantly restricted if not nonexistent.” (The Washington Post)
  4. Press secretary lectures reporters on anonymous sources: White House press secretary Josh Earnest complained about the sourcing of a Washington Post story. (The Daily Caller) | The “criticism doesn’t make sense,” Post national editor Cameron Barr says. “We are sometimes compelled to rely on background sources with knowledge of internal deliberations – that is one of the best means available to hold the administration and other powerful institutions to account.” (Poynter) | “This is rich.” (Politico) | “Two reporters pointed out the White House is hosting its own anonymous call Monday afternoon on a job-training report.” (Business Insider) | “What Earnest knows so well is that competitive Beltway reporters will continue participating in those accountability-defying background briefings, even though the White House press secretary is on record as questioning their utility.” (The Washington Post)
  5. Jill Abramson sought friendly press: Women reporters have shown an “absurd display of credulity and clubbiness” while interviewing the former NYT executive editor, Liz Spayd writes. (CJR) | Very slightly related: Here’s Abramson talking about traffic safety. (The Village Voice)
  6. Analyst says Tribune’s newspapers are worth $635 million: That’s “less than 10 percent of Tribune Co.’s total valuation,” Robert Channick reports. (Chicago Tribune)
  7. “I regret wasting time thinking I wasn’t good enough”: Advice for young journalists of color from Cord Jefferson, Anna Holmes, Jenna Wortham, Wesley Lowery and others. (BuzzFeed)
  8. There’s money in events: Functions put on by AtlanticLive, the company’s events business, “now account for close to one-fifth of the Atlantic’s overall revenue.” (DigiDay) | Recently: NPR’s Margaret Low Smith will run AtlanticLive. (Poynter)
  9. Here’s today’s world news, edited by Kristen Hare: Colin Brazier, the Sky News reporter who pulled items out of a suitcase from the MH17 crash while on air, apologized in a column in The Guardian on Tuesday. | Journalists lives are in danger while covering Gaza, Reporters Without Borders wrote Tuesday. Two Palestinian journalists have been killed and four injured so far. | International News Safety Institute reported Monday that “Ukraine was the most dangerous country for journalists” in the first half of the year. So far, seven members of the media have been killed. | Here’s the front page of The West Australian, from Perth, Australia, courtesy Newseum:

    AUS_WA

  10. Job moves, edited by Benjamin Mullin: Andy Wright is the new publisher of The New York Times Magazine. | Janet Mock has been named a contributing editor to Marie Claire. She’s the author of New York Times bestseller Redefining Realness, and a former staff editor at People. (@janetmock) | Garrett Graff has joined Politico Magazine as a senior staff writer. Formerly, he was editor-in-chief of The Washingtonian. (Politico) | Slate moves: Dan Kois is now culture editor at Slate. (@juliaturner) John Swansburg is deputy editor, Josh Levin is executive editor. (Muck Rack) | Katie Nelson will be national editor at the Huffington Post. Previously, she was deputy managing editor for digital at the New York Daily News. (@Joy_Resmovits) | Zach Pagano has joined KRDO in Colorado Springs, Colorado as a multimedia journalist. Formerly, he was an anchor at KCWY in Casper, Wyoming. (Zach Pagano) | Jon Skorburg will be vice president and general manager at WOI in Des Moines, Iowa. Formerly, he was vice president and general manager at WQRF in Rockford, Illinois. (Mediabistro) | Margaret Schmidt has been named editor of The Jersey Journal. Formerly, she was managing editor of the paper. (The Jersey Journal) Job alert: California’s KQEDis looking for interns to start in September. Get your résumés in! | Send Ben your job moves:bmullin@poynter.org.

Suggestions? Criticisms? Would like me to send you this roundup each morning? Please email me: abeaujon@poynter.org. Read more

Tools:
0 Comments
tribune_small_AP

At Tribune, broadcasting up and publishing down

Tribune Co.

Broadcasting revenues were up 67 percent and publishing revenues were down 3 percent in the first quarter of 2014, the Tribune Co. announced in an earnings report Tuesday. Both figures are in comparison to the same period the year before. Tribune completed its purchase of Local TV Holdings, which owned 39 stations, late last year.

The decline in publishing revenues was “primarily attributable to declines in advertising revenue of $19.3 million and declines in revenues from commercial printing and delivery services of $4.1 million,” the report said. In a discussion of results, Tribune also said it had “identified reductions in its staffing levels of approximately 65″ positions in the first quarter and recorded severance expenses “primarily at publishing” operations.

Tribune plans to spin off its publishing division this year. Tribune President and CEO Peter Liguori said the newspapers “continued to deliver very good results in a challenging environment.” Tribune Co. will retain the company’s real estate assets after the split, and Liguori recently floated the possibility of building another Tribune Tower. Read more

Tools:
0 Comments

McClatchy explains change in circulation revenue

The McClatchy Company

Circulation revenue was up nearly 6 percent in McClatchy’s first quarter, the company said in a report Wednesday. But, the report said, that revenue was up less than 1 percent “excluding the $4.3 million in revenue related to the transition to fee-for-service circulation delivery contracts at certain newspapers.”

Reached by email, McClatchy Director of Investors Relations Ryan Kimball said some of the company’s newspapers “transitioned to a different circulation contract” during the first quarter. The contracts are fee for service, which for accountants means their “delivery expenses are no longer netted against circulation revenues and thus makes the reported circulation revenue higher.” So some of the papers had higher revenues and higher delivery expenses, he said. The change “has no impact on operating income or cash flow but we do point it out so investors can get a sense of what circulation revenues did in a given period ignoring the impact of the transition.”

Advertising reveue was down nearly 7 percent compared with the same period in 2013, McClatchy said in its report. The company said nearly half of its advertising revenue now comes from “nontraditional sources.”

The company got $147 million from its stake in Classified Ventures, which recently sold. It expects to receive $34 million from the pending sale of its Anchorage Daily News. Taxes should shrink that nut to $24 million.

Disclosure: Poynter has a training partnership with McClatchy. Read more

Tools:
0 Comments

Gannett’s broadcast revenue soars, circulation revenue slips

Gannett | USA Today

Revenue from broadcasting in Gannett’s first quarter just about doubled over the same period a year earlier, the company announced in an earnings report Wednesday. Gannett attributed the 99.5 percent rise in broadcast revenue to its acquisition of Belo, as well as Winter Olympics, political advertising and retransmission revenue.

On a pro-forma basis (making comparisons as if Gannett had acquired Belo’s stations at the beginning of last year), retransmission revenue was up 66 percent over the first quarter of 2013.

Revenue at Gannett’s publishing properties was down 3.3 percent overall for the quarter. Advertising revenue was down about 5 percent worldwide and about 6 percent in the U.S., and circulation revenue fell by 1.4 percent, which the company attributes in part to “lower circulation revenue at local domestic publishing operations.”

Looking at the company’s fourth-quarter results earlier this year, Poynter’s Rick Edmonds wrote that squishy circulation figures raised “the concern that capturing revenue from new digital subscribers and pairing ‘all access’ print/digital bundles with a big price increase could be a one-time revenue event.”

In a statement accompanying the release, President and CEO Gracia Martore said USA Today’s “butterfly edition” in local papers “continues to gain significant traction with subscribers.” In a conference call with analysts for fourth-quarter results, Edmonds reported, Martore said the expanded USA Today offering “could provide the rationale for another round of price increases” later this year.

Digital revenue was up about 3 percent, mostly due to sales at its CareerBuilder business. Gannett’s 120 or so web publishing properties had 67.5 million unique visitors between them, the report says. Read more

Tools:
0 Comments

Publishing businesses contributed to revenue gain at former Washington Post company

Graham Holdings Company

Revenue from businesses including Slate, Foreign Policy and the advertising agency SocialCode was up 77 percent at Graham Holdings Company in 2013, the company said in its year-end earnings report.

That double-digit revenue rise was “due to growth at SocialCode and Slate and revenue from the Company’s recently acquired Celtic Healthcare and Forney businesses,” Graham Holdings says. Graham Holdings used to be The Washington Post Co. before it sold its flagship asset to Jeff Bezos last year. Forney makes control systems for combustion processes and Celtic Healthcare is a hospice firm.

Revenue from Graham’s cable-TV division was up 3 percent for the year and revenue from its TV broadcasting division, which includes stations in Detroit, Houston and Miami, was down 6 percent, with a decrease in political advertising revenue offset in part by higher retransmission fees, the company said. Revenue at the company’s education division, which includes Kaplan, was down 1 percent over 2012. Read more

Tools:
0 Comments