By: E&P Staff The New York Times Co. reported Friday that its January overall revenue from continuing operations fell 5.5% compared to the year-ago period, results pulled down by advertising revenues that fell 9.8%.
Classified advertising for the chain fell 22.6%, and overall retail advertising was down 11.5% from January 2007. National ad revenue fell 4.9%, the Times Co. said.
The chain was hit especially hard by results from its Regional Media Group, which includes newspapers in Florida, where the housing slump has been particularly acute, and other Southern states. Advertising revenues for the group plunged 15.8%.
"Retail advertising revenues were down mainly because of decreases in the home furnishings, banking/financial services and telecommunications categories," the Times Co. said. "Classified advertising revenues decreased due to continued weakness in help-wanted, real estate and automotive advertising."
At The New York Times Media Group, including its flagship newspaper, ad revenues fell 10.1%. Classified was down virtually across the board, and retail fell on softness in home furnishing, electronics and mass market advertising categories, the Times Co. said. National was off as decreases in telecommunications, technology products, transportation and advocacy offset growth in financial services and media.
At the New England Media Group, which includes The Boston Globe, ad revenues decreased 11.4%, on softness in all classified categories and a fall in the retail categories of home improvement, computer and office supplies, and home furnishings.
One bright spot was the performance of about.com, which surged 24.7% in advertising revenue.
Internet advertising revenues, which are included in the newspaper results, rose 8.6%, chiefly on growth in display advertising.
Circulation revenues over all were up 1.6%, on increases at The New York Times Media Group, which offset the New England and Regional Media Groups.
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