The New York Times Company Reports November Revenues
Wednesday, December 06, 2006
NEW YORK--Dec. 5, 2006-- The New York Times Company announced today that in November 2006 advertising revenues for the Company's business units from continuing operations decreased 3.8% and total Company revenues decreased 1.7% compared with November 2005. All comparisons are for November 2006 to November 2005 unless otherwise noted: The New York Times Media Group - Advertising revenues for The New York Times Media Group decreased 4.2%. National advertising revenues decreased as softness in national automotive, studio entertainment, telecommunications, technology and financial services advertising more than offset strength in the pharmaceutical, corporate, American fashion, books and advocacy categories. Retail advertising revenues decreased as weakness in mass market and fashion/apparel store advertising offset growth in department store advertising. Classified advertising revenues declined as softness in automotive and help-wanted advertising offset gains in real estate advertising. New England Media Group - Advertising revenues for the New England Media Group decreased 10.7%. National advertising revenues decreased as a result of softness in telecommunications, travel, national automotive, banking and financial services advertising. Retail advertising revenues decreased due to the consolidation of the group's two largest department store advertisers coupled with softness in jewelry and furniture/home furnishing advertising. Classified advertising revenues decreased because of weakness in help-wanted, real estate and automotive advertising. Regional Media Group - Advertising revenues for the Regional Media Group decreased 1.3%. Retail advertising revenues rose as growth in preprints and political and office advertising offset weakness in banking, home furnishing, department store and telecommunications advertising. Classified advertising revenues decreased as softer help-wanted and automotive advertising offset strength in real estate advertising. The Internet ad revenues included in the three media groups above rose 29.8% in November due to continued growth in both display and classified advertising. TimesSelect, the fee-based product on NYTimes.com that includes The Times's distinctive columnists and extensive access to its archives, currently has approximately 578,000 subscribers, with about 65% receiving TimesSelect as a benefit of their home-delivery subscriptions and 35% receiving it from online-only subscriptions. Year-to-date November, TimesSelect has generated $8.9 million in revenues. Circulation revenues for November decreased 0.4%. Circulation revenues increased at The New York Times Media Group and declined at the New England and Regional Media Groups. About.com - Advertising revenues at About.com rose 44.2%. November's growth was due to increases in both cost-per-click and display advertising. Display advertising increased on strength in the financial services, telecommunications, technology, retail and pharmaceutical categories. About.com's advertising revenues grew an estimated 51% year-to-date, based on the previous owner's accounting records before the acquisition date in March 2005 and the Times Company's results after the acquisition date. Discontinued Operations - In September, the Company announced plans to sell its Broadcast Media Group, which is now classified under discontinued operations. Revenues for the Broadcast Media Group for November and the first 11 months of 2006 and 2005 are included in the tables in this release.