New York Times Company Still Struggling With Ads

By
Pedestrians pass in front of the New York Times Co. building in New York, U.S., on Wednesday, April 27, 2011. New York Times Co., publisher of the namesake newspaper, said more than 100,000 people signed up for new digital subscriptions, a sign online revenue may help offset a decline in print advertising and circulation. Photographer: Michael Nagle/Bloomberg via Getty Images
Photo: Michael Nagle/Bloomberg via Getty Images

First-quarter numbers for the New York Times Company don't look too bad initially thanks to the sale of its regional newspapers, which accounted for 70 percent of $42.1 million in net income, but advertising is down across the board. Print ad revenue dropped 7.2 percent and digital fell 10.3 percent, the latter dragged down (as usual) by About.com and its associated properties. While circulation revenue and paid digital subscribers are up at the Times, Boston Globe, and International Herald Tribune, the big three papers experienced a drop in ad revenue as well. Meanwhile, the company continues its union negotiations and search for a CEO. Outgoing boss Janet Robinson's $24 million compensation package is not included in the first-quarter figures.