By: E&P Staff
The New York Times Co. reported Tuesday that its February revenue from continuing operations slipped 2.6% on ad sales that fell 6.6% from February 2007.
Classified revenue fell 19.4%, and are down 21.2% for the year so far.
Ad revenues were down double digits at its New England group, including the Boston Globe, and its Regional Media group, mostly Southern newspapers.
The Times Co. also warned it expects results for March to be “adversely affected” by the early Easter this year. Easter Sunday, which fell in April last year, is traditionally a time of reduced advertising at both the flagship New York Times and Boston Globe, the company said.
At the New York Times Media Group, ad revenue decreased 4.1% with weakness across all major categories of classified, and softness in department store, fine arts, and mass market retail advertising.
Advertising revenue for the New England Media group plunged 11.6%, also on weak classified across the board, and soft retail results primarily due to declines in computer/office supplies, apparel/footwear, and food/drug categories, the company said.
At the Regional Media Group, ad revenue fell 15.8%, pushed by continued weakness in classified and retail advertising declines largely due to weakness in banking, home furnishings, and telecommunications.
Internet advertising, which is included with print totals, was up 14.4%, mostly on growth in display advertising.
At the About group — which includes the web sites of About.com and Caloriecount.com — ad revenue rose 20.9% on growth in cost-per-click advertising, and the acquisitions of ConsumerSearch.com and UCompareHealthCare.com during 2007. On a same-property basis, ad revenues for the group were up about 16%.