Date

Wed - 13.12.2017


New York Times Co.

U.S. newspaper The New York Times (NYT) announced in a press release Monday that it has begun offering advertising placements on the front page. Broadcasting company CBS is the first advertiser.

"In 2006 we began testing ads on some section fronts and received a very positive response from the advertising community. A strip ad on the front page of The New York Times will be highly attractive to advertisers looking for premium real estate for their campaigns," said Denise Warren, The New York Times Media Group senior vice president and chief advertising officer.

According to Warren, the paper has 2.8 million weekday readers and 4.2 million Sunday readers. Another publication from The New York Times Media Group, The International Herald Tribune, also provides advertising placements on the front page, the press release stated.

Author

Alisa Zykova

Date

2009-01-06 04:59

The New York Times Co. has told regulators it might be selling shares and/or other securities in order to raise some seriously needed cash, Reuters reported Tuesday.

The Times has a $400 million payment on one of its two revolving lines of credit due in May, and is already set to borrow up to $225 million against its Manhattan headquarters building.

On Dec. 8, Times Co. spokeswoman Catherine Mathis confirmed that the publisher hired real estate firm Cushman & Wakefield Inc. to assist with refinancing through a mortgage or sale-leaseback agreement. The Times Co. headquarters, a 52-story skyscraper designed by architect Renzo Piano, is located on Eighth Avenue in Manhattan, and is jointly owned with Forest City Ratner Cos. The Times moved into the new building in June 2007.

"While cash will buy the New York Times some breathing space, it hardly solves the long-term problems that are crushing the newspaper business," Reuters blogs reported.

Meanwhile, third-largest publisher in the United States has a remaining $366.3 million in its second line of credit, the bill on which is due in June 2011.

Author

Leah McBride Mensching

Date

2008-12-31 00:47

NEW YORK - It is a challenging time for newspaper industry, as consumers transition to online, digital ad gains cannot compensate print losses, all exacerbated by current economic downturns, The New York Times Company announced at the 36th Annual UBS Global Media and Communications Conference Tuesday.

The Times will focus on the following strategies: introducing new products and services in print and online, strengthening digital research and development capability, vigilantly managing costs, and rebalancing the company's portfolio through acquisitions and divestitures, said Janet Robinson, president & chief executive officer.

The publisher has been aggressively managing cost by securing greater efficiency and improved productivity. The company consolidated plants in the New York area in 2008, and will continue to do so in Boston in 2009. It is also working to streamline and standardise operations, as well as reduce headcount and lower production and newsprint costs.

Headcount declined 12 percent over past two years, or down 8 percent over last year, according to Follo. However, employees in digital operations actually increased.

The page size for The Times, the Globe, and four regional papers have been reduced in 2007, as well as eight regional titles in 2008, which save an estimated $12 million and $1.4 million annually, respectively, for the company, according to Senior Vice President & Chief Financial Officer Jim Follo.

Author

Erina Lin

Date

2008-12-09 12:49

New York Times Co. may borrow up to US$225 million against its Manhattan headquarters building, as a $400 million payment on one of its two revolving lines of credit, is due in May, Bloomberg reported Monday.

Times Co. spokeswoman Catherine Mathis confirmed in an e-mail to Bloomberg Monday that the publisher has hired real estate firm Cushman & Wakefield Inc. to assist with refinancing through a mortgage or sale-leaseback agreement.

The third-largest publisher in the United States has a remaining, $366.3 million in its second line of credit, the bill on which is due in June 2011, according to Bloomberg.

The Times Co. headquarters, a 52-story skyscraper designed by architect Renzo Piano, is located on Eighth Avenue in Manhattan, and is jointly owned with Forest City Ratner Cos. The Times moved into the new building in June 2007.

In November, the company cut its quarterly dividend by 74 percent, and has also cut jobs and other costs in recent months. In the third quarter, its total ad revenue was down 14 percent, while classified ad sales dropped 29 percent, MarketWatch reported.

Author

Leah McBride Mensching

Date

2008-12-08 11:39

Online ad sales at U.S. newspapers dropped 3 percent to US$749.8 million in the third quarter compared to the same time last year, according to the Newspaper Association of America, the Asbury Park Press reported reported Friday. Meanwhile, print ad sales fell 19 percent - the largest quarterly drop since the NAA began tracking industry data in 1971.

Combined, online and print advertising fell to $8.94 billion, an 18 percent drop in total third quarter newspaper ad revenue, from $10.9 billion in 2007.

According to NAA data, online ads have grown every quarter since the trade association began measuring them in 2004. The first time they have not grown was in the second quarter of this year, when they dropped 2.4 percent, the Asbury Park Press reported.

Ad revenue declines, together with increasing newsprint costs and readers leaving print in favour of online have forced newspaper publishers across the United States to cut expenses this year. For example, McClatchy Co., which publishes newspapers across the country, including the Miami Herald, has made two rounds of job cuts, axing 10 percent of staff each time. Companies cutting their dividends include McClatchy, New York Times Co., A.H. Belo Corp., GateHouse Media Inc. and Media General, according to the Asbury Park Press.

Author

Alexandra Zeumer

Date

2008-12-02 00:28

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