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| -Short Attention Span Theater- |
| Earnings fall at three major newspaper publishers |
| 2006-04-13 |
| NEW YORK (Reuters) - New York Times Co. The results from the three large publishers underscored the troubles faced by the industry, including circulation declines, high costs and competition for advertising money from the Internet and other new media. For the first quarter, net income fell 14 percent at McClatchy, 28 percent at Tribune and 69 percent at New York Times Co., which had taken a big gain in the year-earlier period. McClatchy Chief Executive Gary Pruitt, one of the most vocal defenders of the industry, disputed criticisms that newspaper publishing was obsolete. "Some may see the current slow advertising environment as confirmation of predictions that newspapers and print media are dying," Pruitt said in a statement. "We think that's wrong." A good demonstration of how well he thinks. All three publishers highlighted the strength of their own Internet businesses. The New York Times said revenue at its About.com site, which it acquired a year ago, rose 98 percent. Still, new media is only a small part of the newspaper business. At the New York Times, the Internet accounted for only 7.5 percent of total revenue. Actually that is an astoundingly large number when you consider their revenue is $3.4 billion. So for now, publishers must manage high costs for newsprint and an advertising market that over the first quarter was undercut by weak automobile and national ad placements. New York Times Co., publisher of the Boston Globe, International Herald Tribune and its namesake newspaper, said net earnings fell to $35 million, or 24 cents a share, from $111 million, or 76 cents a share, a year earlier. The latest results include a charge of $9.4 million for job cuts announced in September. In the year-earlier period, the company took a gain of $67.8 million for the sale of its headquarters and property in Florida. |
| Posted by:Nimble Spemble |
| #5 including circulation declines, high costs and competition for advertising money from the Internet and other new media. Or, the buying public just might be tired of their anti-American drivel. |
| Posted by: 49 Pan 2006-04-13 22:43 |
| #4 "Earnings fall at three major newspaper publishers" Awwwwwwww. Ain't that just too bad. My nano-violin must be around here someplace. :-D |
| Posted by: Barbara Skolaut 2006-04-13 22:18 |
| #3 Ouch, RJ! |
| Posted by: Secret Master 2006-04-13 21:50 |
| #2 The New York Times said revenue at its About.com site, which it acquired a year ago, rose 98 percent. He's right, from a buck to a buck ninety-eight is really impressive. |
| Posted by: Redneck Jim 2006-04-13 21:37 |
| #1 ...was undercut by weak automobile and national ad placements. Cause advertisers leave media which is loosing or bearly maintaining its readership. Now why could that be? These exec's are about as smart as Paleos in figuring out cause and effect. |
| Posted by: Omump Angomble9657 2006-04-13 21:34 |