Web Ad Sales Help New York Times Co. Halt Declines
Gannett Co., publisher of USA Today and more than 80 other daily newspapers, reported last week that cost cutting helped boost earnings. But a 5.7 percent ad decline in its publishing division resulted in an overall revenue drop of 1.6 percent.
The same was true at Lee Enterprises Inc., publisher of the St. Louis Post-Dispatch and other newspapers. Overall revenue slipped 3.6 percent, while cost-cutting helped produce a $10 million profit.
The Times Co. sounded a few cautious notes about how third-quarter results are likely to shape up.
Robinson said the company expects an uptick in expenses from the same quarter last year, in part because of spending on new technology for charging readers of NYTimes.com, as the company plans to do early next year.The company also expects a small decline in circulation revenue after a 3.2 percent increase in the second quarter. That's because it imposed price increases last summer, so it won't see any change in the third quarter from the year before.
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