Ad Revenue Slumps At Times Co. Papers
The New York Times Co.'s New England Media Group, which includes the Boston Globe and the Telegram & Gazette, reported fourth quarter advertising revenue 21.3 percent less than that reported for the same period a year ago.
The New England group posted a 2.8 percent increase in circulation revenue, which the company attributed to a price increase.
Overall revenue for the New England group's fourth quarter was $131 million, 14.8 percent less than in the fourth quarter of 2007.
The company said Internet advertising revenue decreased by 3.5 percent to $81.9 million compared to the fourth quarter of last year. The company said the global economic meltdown has prompted advertisers to cut back severely.
The company's total fourth quarter revenue decreased by 10.8 percent to $772 million as advertising revenue decreased by 17.6 percent and circulation revenue decreased by 3.6 percent.
The company's operating profit decreased to 48 percent to $63 million from $101 million in the fourth quarter of 2007.
By the end of the quarter, the company had $57 million in cash and about $1.1 billion in debt.
WBJ Web Partners
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