NY Times making more from readers than ads; Q4 profit at US$176.9 million
AFPNEW YORK -- The New York Times Company said Thursday that its revenue from readers and subscribers overtook that of advertising for the first time in 2012, as the media group reported a boost in profits.
February 9, 2013, 12:03 am TWN
The company, which is shifting focus from print to digital, said its fourth-quarter profit more than tripled to US$176.9 million, though most of that came from a US$164 million gain on the sale of its stake in an online jobs website.
Nevertheless, the company beat most forecasts with a profit amounting to 32 cents a share, excluding special items, and revenues increasing 5.2 percent to US$575 million in the period.
For the full year, the group posted a profit of US$133 million, compared with a loss of US$39.7 million in 2011.
Mark Thompson, the former BBC chief who became president and chief executive at the Times last November, claimed progress, noting that the number of digital subscribers grew 13 percent in the quarter to 668,000.