The New York Times Co on Tuesday reported a slump in advertising revenues for both print and digital, dragging the newspaper group into the red for the first quarter. The prestigious US daily posted a loss of $8.3 million in the quarter, narrower than the $14.3 million deficit in the same period a year ago. Overall revenues dipped 1.2 percent to $380 million. The Times cited a "challenging" market for both print and digital advertising as it seeks to transition to an online model while expanding its readership globally.
Circulation revenues rose 2.4 percent from a year ago as the newspaper added a net 67,000 digital-only subscribers. But the bottom line was hit by weakness in advertising and special charges related to the closing of a paper mill and pension settlements. "We had a more challenging quarter in both print and digital advertising in large part due to conditions impacting the entire advertising marketplace," said Mark Thompson, president and chief executive of the New York Times Co.