Date

Fri - 20.10.2017


New York Times Co.

The International Herald Tribune on Monday relaunched its Web site under the new Web address global.nytimes.com, and added "The Global Edition of The New York Times" under its masthead, emphasising its link to its parent company, Times Co. Global.nytimes.com will aim to combine "the international voice of the IHT with the worldwide breadth of reporting of The Times and the digital expertise of NYTimes.com," the company announced in a press release posted by MarketWatch.

The International Herald Tribune is the global edition of The New York Times. IHT.com now automatically redirects to global.nytimes.com and NYTimes.com users can set the Global Edition site as their preferred home page. The collaboration also features a new service, "Today's Headlines Global Edition," a twice daily e-mail service for both European and Asian morning editions.

The new format and Web site collaboration will make use of its bureaux around the world to be updated 24 hours a day, add business news from Reuters and allow for new avenues of revenue, according to the press release. The IHT's print edition has also been redesigned, and now uses a Cheltenham typeface.

Author

Leah McBride Mensching

Date

2009-03-30 20:48

The Wall Street Journal announced Tuesday its rival, The New York Times, "wrongly reported" the driver for the Journal's circulation growth. The Times reported the growth was due to large discounts, which have increased since News Corp. took over The Journal and Dow Jones In December 2007.

"Like most subscription newspapers, the Journal uses discounted offers to attract new subscribers. However, in 2008 the Journal moved away from deep discounting and raised the introductory offer and newsstand pricing by nearly 40 percent. Even with higher prices across the board, Individually Paid Circulation continues to grow in an industry that is largely shrinking," The Journal and Dow Jones said in a press release.

"The New York Times may choose to speculate and offer its opinions in its business coverage, and there were many erroneous assumptions and speculations made in the story. However, regarding our circulation strategy and recent strong success, the Times simply got it wrong today," Paul Bascobert, chief marketing officer for Dow Jones & Company and The Wall Street Journal, said in the press release.

Author

Leah McBride Mensching

Date

2009-02-25 21:21

The New York Times will suspend its quarterly 6 cents per share dividend payments for the first time in its 40 years as a public company in a move to ease some of its debt, Bloomberg reported Thursday.

It follows other U.S. newspaper companies McClatchy Co. and Media General Inc. who have also done the same. The suspension will reportedly save the Times Co. US$34.5 million each year.

Apart from discontinuing dividends, The Times is axing jobs, and selling assets to compensate for decreasing ad revenues. Its stake in the Boston Red Socks baseball team is up for sale, and it is considering a "sale-leaseback" on its new Manhattan headquarters, which could generate $225 million, Bloomberg reported.

Mike Simonton, a credit analyst at Fitch Ratings, told Bloomberg he believes the company's latest financial decision is "certainly a pudent move to preserve liquidity in light of the difficult credit market and their heavy debt burden."

In January, Mexican billionaire Carlos Slim Helu agreed to loan the company $250 million, netting a 14 percent interest rate that adds up to $26 million in payments to him each year. The deal also means Slim gets warrants that are convertible to up to 17 percent of the company's equity.

Author

Leah McBride Mensching

Date

2009-02-20 23:07

Less than two years after ending its online subscription service, The New York Times Co. may begin charging readers for access to NYTimes.com, Bloomberg reported Tuesday.

"A lively, deadly serious discussion continues within the Times about ways to get consumers to pay for what we make," said Executive Editor Bill Keller, according to Bloomberg. "Really good information, often extracted from reluctant sources, truth-tested, organised and explained -- that stuff wants to be paid for."

The Times Co. ended its Times Select service in 2007, as less readers were available to advertisers, Keller said. However, the service generated about $10 million in revenue each year.

The publisher's fourth-quarter 2008 profits were down 48 percent.

Author

Leah McBride Mensching

Date

2009-02-03 23:54

The New York Times Co. relaunched its online syndication service site, according to Media Post. Users can now purchase articles, features, multimedia and images from the Times or other affiliated media properties.

The new site will provide more than 250 articles from all sections of the paper as well as content from other NYTimes' properties, including the International Herald Tribune, The Boston Globe, WQXR-FM, NYTimes.com, Boston.com and About.com.

Registered users can either go online and purchase content a la carte, or they can contact a representative to subscribe to the services, Media Post reported.

Author

Erina Lin

Date

2009-02-03 23:52

The New York Times Co. announced its quarterly profit is down on an ad revenue slump, and confirmed its desire to sell its stake in the Boston Red Sox, Reuters reported.

The Times revealed a US$625 million shortfall in its pension obligations, and the ad sales are expected to deteriorate, the company said. However, shares went up 7.5 percent after the publisher confirmed the planned sale of the Red Sox stake and outperforming cost cutting.

"They did it both ways: higher-than-expected ad revenues and lower costs than estimated, and I guess the news that they're going to sell the Red Sox takes some pressure off concerns about their financial picture," according to Benchmark Co analyst Ed Atorino, Reuters reported.

As of the end of the quarter, the publisher had $57 million in cash and $1.1 billion in debt. A $400 million credit facility will expire in May.

According to analysts' estimates, its 17.75 percent interest in New England Sports Ventures, the Red Sox holding company, is worth about $200 million. The deal to sell its stake in its headquarters building is also near.

Author

Erina Lin

Date

2009-01-28 21:02

Moody's Investors Service Friday downgraded the senior unsecured rating for the New York Times Co. to non-investment grade, due to concerns over ad revenue declines, The Associated Press reported.

Moody's reduced the rating from "Baa3" to "Ba3," a non-investment, or "junk" grade. It also downgraded the commercial paper rating to "Not Prime" from "Prime-3," and the corporate family rating to "Ba3."

The rating outlook is "Negative," according to the AP.

Moody's said it expects the continuous newspaper ad sales slump will have a "significant downward pressure" on the publisher's earnings before interest, taxes, depreciation and amortization.

"The earnings decline along with a significant increase in the underfunded pension liability will weaken credit metrics considerably," the agency said.

The "Ba3" rating shows the NYTimes' "significant global news and information infrastructure that supports high quality content, strong brands, and the company's position as a leader in prioritizing the national daily news agenda," Moody's added.

Author

Erina Lin

Date

2009-01-23 20:07

Carlos Slim Helu, one of the world's wealthiest people, agreed earlier this week to loan the New York Times Company US$250 million. In tough economic times, Slim was able to drive a hard bargain, netting a 14 percent interest rate that adds up to $26 million in payments to him each year. The deal also means Slim gets warrants that are convertible to up to 17 percent of the company's equity.

However, Slim's deal with the Times Co. is unlike any previous scheme in which wealthy businessmen and women have invested in newspapers, and is also not about placing a bet on how far or fast the newspaper industry's financials will fall, according to Richard Siklos, Fortune magazine's editor-at-large.

Instead, Slim is betting that the Times Co. will stay in business.

Slim's $250 million will help the company deal with its $500 million in debt, to be paid over the next two years, Siklos points out in his Fortune article, posted by CNNMoney.com. The company is $1.1 billion in debt.

Although not all Slim's investments have panned out, such as his buying retailer CompUSA, he does believe that "great brands will persevere," one executive told Siklos, who noted Slim bought into Apple when it wasn't doing so well in the 1990s.

Author

Leah McBride Mensching

Date

2009-01-21 22:06

Mexican billionaire Carlos Slim is in talks to invest about US$250 million in The New York Times Co., to help the company offset the advertising slump, according to its flagship paper, Bloomberg reported.

According to The Times report on Sunday, Slim may buy 10-year notes which can be transferred into common stock and receive a special annual dividend of up to 10 percent high on the investment.

The board plans to approve the deal Monday, which may be announced Tuesday, the newspaper said.

The New York Times has a $400 million credit facility expiring in May, so it is seeking cash and paying down debt as ad revenues decline. In November, the publisher cut its dividend. It is trying to raise $225 million by leasing its Manhattan headquarters, as well as seeking a buyer for its stake in the Boston Red Sox, according to a person with knowledge of the talks, Bloomberg reported.

Slim, according to Forbes, is the world's second-richest man, and is adding his holdings in the newspaper publisher. He is the third-biggest investor in the company besides the controlling Ochs-Sulzberger family.

When Slim first made his investment, he cited the company's "attractive value," Bloomberg reported.

Author

Erina Lin

Date

2009-01-20 00:32

The Boston Globe will soon join start selling front-page ads in order to generate additional income, according to the paper.

This initiative will begin during the first quarter of this year, but there are some details still needed to be worked on, including price, size, and location, said spokesman Bob Powers Wednesday.

The news comes after its owner, The New York Times Co., announced plans to sell front-page advertising and published an ad Monday across the bottom of The New York Times, The Globe reported.

Several of the key papers in the United States, such as The Wall Street Journal, have been running front-page ads to combat declining revenue and circulation and readers' shift to the Web.

The Globe has not sold front-page ads for several decades, but it has run advertising on other section fronts recently, the paper reported.

Author

Erina Lin

Date

2009-01-12 23:58

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