The New York Times Company reported a decline in first-quarter income on Thursday as its executives continued to reposition the company into a global news outlet for a digital age.
The company also announced plans to introduce lower-cost subscription models, part of a broader growth strategy.
The company is remaking itself in the face of the struggles in both
print and online advertising. In the first quarter, net income was $3.1
million, or 2 cents a share, down from $42.1 million, or 28 cents a
share, in the period a year earlier. Income from continuing operations
declined to $3.1 million from $8.7 million a year earlier.
Total revenue from the quarter declined 2 percent, to $465.9 million.
Over all, the company’s advertising revenue declined 11.2 percent, to
$191.2 million from $215.5 million. Print advertising at the company’s
newspapers, which include The New York Times, The Boston Globe and The
International Herald Tribune, shrank 13.3 percent. Digital advertising
revenue declined 4 percent. Times executives attributed these
advertising troubles to declines in spending by movie studios and real
estate developers.
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