Tuesday, August 26, 2008

NYT July Revenue Falls 10.1% ; Ad Revenue Down 16.2%

New York Times Co. reports that its July revenue from continuing operations fell 10.1percent this year as advertising revenue slipped 16.2 percent.

Overall revenue dropped to $235.9 million in July from $262.3 million in July 2007, the publisher said.

A continuing drop in classified ads and cutbacks in spending by movie studios, car companies and hotels were offset only partially by a rise in revenue from media, financial services, advocacy and health care ads for a net drop of 16.2 percent, the company said.

The company's flagship The New York Times paper had 15.3 percent lower ad revenue. At its New England media group, which includes The Boston Globe, July ad revenue dropped 24.5 percent.

The company said its overall Internet revenue rose 2.6 percent with online ad revenue adding 5.5 percent, boosted by gains at its About.com Web site.

For the year to date, total revenue from continuing operations has fallen 6.1 percent to $1.73 billion.

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