Date

Fri - 22.09.2017


Financials

The New York Times Co. will pay back a US$250 million loan from Mexican billionaire Carlos Slim three years ahead of schedule, Bloomberg reported Sunday.

In an interview with The Sunday Telegraph, New York Times CEO Janet Robinson said the company is focused "on bringing debt down as quickly as we can," citing as a priority the repayment of the Slim's loan. "We have the option to pay that down in early 2012...We have every intention of paying it all by then," she said.

Photo source: Associated Press via The Huffington Post

Once debt levels decline, The New York Times Co. will consider acquisitions "in the digital space," Robison said.

The publishing company borrowed the money in January of 2009 to refinance its 1.1 billion debt. Since then, it has reduced it to $670 million, Editor & Publisher reported. With this repayment, the group will save $100 millions.

Author

Clara Mart

Date

2010-10-04 06:19

UK daily The Times has lost an additional 120,000 online readers following the installment of a paywall, the latest comScore data shows, Media Tel reported Monday. According to Thinq, the News International-owned daily also saw a 1.67 drop in print readership, reaching 494,205 - the first time since April 1994 that the figure has been under 500,000.

The title had 1.459 million unique visitors in August, a 7.6 drop from 1.579 million in July, when the paywall was launched, according to WallBlog.co.uk. The total minutes users spent on the site dropped by 16 percent from six million in July to five million in August, Beehive reported. Further, total page views dropped by 22 percent, from nine million to seven million, month-to-month.

Author

Alisa Zykova

Date

2010-09-29 16:31

Gérard Proust, head of the National Union of Press Distributors (UNDP) in France, has called on the government to provide €4,000 in transitional aid to newspaper sales merchants, he mentioned in an interview with Le Figaro last week. The same figure was provided last year, but as the number of newsstands plunges, newspaper sales outlets may be losing hope in the industry.

"Transitional aid is not enough. I am officially calling on the State to continue its effort. I am aware of the financial obligations of the state," Proust said. "But I think that today it is necessary to send a strong signal to our sector by renewing the aid this year." Even though other markets, such as books, may show positive figures, copy sales of the press sector continue to dwindle. However, the jump in distribution and audience numbers indicate that there is a public need towards information and that consumers are still interested in paid print content, Proust explains.

Author

Alisa Zykova

Date

2010-09-28 00:02

The Boston Globe might be on the verge of becoming one of a growing number of papers that ask readers to pay for online media. According to the Boston Business Journal, The Boston Globe may announce a plan by the end of the year to charge readers of online content in order to increase revenue.

"The Globe has paid apps out there. In regard to big picture, you're going to be seeing introduction of apps going in this quarter, in fact, in regard to Boston.com. But from a standpoint of evaluating what we plan on doing in regard to paid models, they are, that is under evaluation right now, in fact," said NYT Co. CEO Janet Robinson at a conference on Wednesday.

For more on this story, visit our sister publication, editorsweblog.org.

Author

Leah McBride Mensching

Date

2010-09-24 15:17

A group the Philadelphia Inquirer's debt holders won today the bankruptcy court auction for the Philadelphia Media Holdings, the company that owns the Inquirer and the Philadelphia Daily News, Reuters informed.

The lenders, which include hedge fund Angelo, Gordon & Co and the Credit Suisse, submitted on Wednesday the winning offer of US$105 million, outbidding the $85 million proposed by philanthropist Raymond Perelman, Bloomberg revealed. The judge's confirmation hearing is schedule for next Thursday.

Photo source: Philadelphia Independent Media Center

This is the second time that the creditors win the auction, The New York Times reminded. In April, the newspapers were sold to the creditors for $139 million. However, the deal was nullified after they failed to negotiate cutbacks with one of the sixteen newspaper unions.

According to the Philadelphia Inquirer, the company filed for bankruptcy in February 2009, "owning senior creditors $318 million that it could not refinance."

Author

Clara Mart

Date

2010-09-24 00:02

The New York Times Co. said yesterday that its revenue is expected to decline by two or three percent due to loss of advertising in its print publications, MediaGuardian revealed.

Although the company forecast a growth in digital ad sales, these gains will not be enough to offset the print advertising losses. Furthermore, it expecting a revenue decline of 5 percent in subscription and newsstand sales, The Associated Press explained.

Photo source: Topnews.net.nz
Chief Executive Janet Robinson recognised that the price increases of The New York Times and the Boston Globe had affected the company. According to the Audit Bureau of Circulations, the weekly circulation of The New York Times went down in March by 8.5 percent, The Wall Street Jounal pointed out.

The publisher, which also owns the International Herald Tribune and other 15 regional newspapers, was initially expecting revenue of US$563.8 million. After the announcement, the company shares fell 52 cents to $7.45, the AP reported.

Author

Clara Mart

Date

2010-09-23 23:07

The John S. and James L. Knight Foundation will give Journalism Online's Press + e-commerce online platform to 10 non-profit journalism sites in order "to encourage you to seek permanent sources of financial support," the foundation told grantees, Editor & Publisher reported today.

The first 10 sites given grants from the foundation that install Press + will receive a year-long waiver of of the revenue Journalism Online collects for the platform, as well as payment and advisory services. Journalism Online was formed in 2009 by Steven Brill, Gordon Crovitz and Leo Hindery.

Image: Superchou's Flickr photostream

In an interview with Shaping the Future of the Newspaper last summer, Steven Brill said that as a lecturer of a journalism course at Yale University, he suddenly became conscious of the talented young people he was sending into a profession ready to implode "because a bunch of publishers made a crazy decision to give everything away for free."

Brill sighted two barriers facing the online payment model, the initial cost itself and the laborious process of exchanging payment information in order to access content.

Author

Leah McBride Mensching

Date

2010-09-22 22:58

Rupert Murdoch's The Sunday Times last weekend increased its cover price by 10 percent to £2.20, becoming the most expensive national Sunday newspaper in the United Kingdom, MediaWeek reported Friday.

This is the first increase in the past four years, when the cover price rose to £2.00, the Press Gazette reminded. However, News International said the price hike "is less than the rise in the retail prices index over that period," MediaGuardian quoted.

Despite The Sunday Times' move, competitors have maintained their cover prices. According MediaGuardian, The Observer costs £2, the Sunday Telegraph £1.90 and the Independent on Sunday £1.80.

Two days after the increase, British supermarket chain Asda decided to remove The Sunday Times from the shelves of its 260 stores "due to a dispute over the margin it receives for selling the title," MediaWeek informed.

According to the chain, News International is keeping 18.3p of the extra 20p of the cover price, lowering Asda's sales gain from 25 percent to 23.1 percent.

Author

Clara Mart

Date

2010-09-21 18:10

Media group Thomas Crosbie Holdings Limited told the Irish Examiner and the Evening Echo newspapers' staff that they would have to accept a 10 percent pay cut due to the increasing financial problems of the company, The Irish Times reported Saturday.

During a meeting held on Saturday, the management also revealed a €20 million deficit in the company's defined-benefit pension fund derived from poor investment performance, according to RTÉ News. As a result, the dailies' staff might face pension cuts of at least 50 percent, the Irish Independent reported.

"The company believes that pay cuts are now essential to protect the future of the business and employment within the business," the said group in a statement remembering that it had tried to avoid the salary cuts "for as long as possible," BreakingNews.ie quoted.

Union representatives said they would meet on Wednesday with company's management to further discuss the cuts.

Author

Clara Mart

Date

2010-09-20 17:41

The News of the World will install a paywall next month, the Guardian reported. The paper will charge online viewers £1 for a day's access and £1.99 for a four-week subscription. News of the World plans to launch a paid iPad app in the near future, which will charge a separate fee of £1.19 per week. "News International is leading the industry by delivering on its commitment to develop new ways of making the business of news an economically exciting proposition," says Rebekah Brooks, chief executive of News International.

Author

Leah McBride Mensching

Date

2010-09-17 15:07

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