By: E&P Staff
The New York Times Co. announced that advertising revenues for the month of October increased 3.1%, mostly on gains in its broadcast unit. Advertising revenue for the company’s News Media division rose only 1.1%, falling below analyst’s expectations and prompting Merrill Lynch to lower its Q4 earnings per share estimates by $0.02 per share, to $0.74.
The investment firm knocked off a few cents because October is typically the largest month in terms of gains for the company in Q4.
National advertising revenues declined 2.6% due to softness in transportation, entertainment, financial services, technology, and book advertising. Advocacy, telecommunications, media, and home furnishings-manufacturer advertising showed upswings.
Both retail and classified advertising increased, by 4.4% and 3.9%, respectively.
The New York Times Media Group posted a 0.8% decrease in ad revenue mostly because it shifted a special section and magazine that normally appears in October to November. November is expected to be better based on the move.
Ad revenues for the New England Media Group, which includes The Boston Globe, were up 4.6%. While national ad revenue was down, the group benefited from the Boston Red Sox World Series victory.