Tuesday, November 5

Tag: Newspaper

NYT Posted $39.6 Million Operating Profit in Q3 FY2020
9Nov By AdityaNo Comments
BUSINESS

NYT Posted $39.6 Million Operating Profit in Q3 FY2020

NEW YORK, 9th Nov. 2020-- US leading publishing newspaper New York Times announced its third-quarter 2020 results which diluted earnings per share from continuing operations of $.20 compared with $.10 in the same period of 2019. Adjusted diluted earnings per share from continuing operations (defined below) was $.22 in the third quarter of 2020 compared with $.12 in the third quarter of 2019. Operating profit increased to $39.6 million in the third quarter of 2020 from $25.1 million in the same period of 2019 and adjusted operating profit (defined below) increased to $56.5 million from $44.1 million in the prior year, as higher digital-only subscription revenues and lower costs more than offset lower advertising revenues. Meredith Kopit Levien, president and chief executive office...
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US Second Largest Newspaper Group File for Bankruptcy
14Feb By PriyankaNo Comments
USA

US Second Largest Newspaper Group File for Bankruptcy

McClatchy, the second largest US newspaper group, announced that it was filing for bankruptcy protection in the latest sign of turmoil for the struggling media sector. The company said it would keep operating its 30 regional newspapers including the Miami Herald and Kansas City Star as it seeks to shed much of its debt and focus on "digital transformation." A reorganization plan included in the bankruptcy filing could hand over ownership of the newspaper chain to the private equity group Chatham AssetManagement and end the McClatchy stock listing. The bankruptcy filing seeks to shed some of the crushing debt acquired by McClatchy, which has a pension shortfall of more than half a billion dollars. "McClatchy remains a strong operating company with an enduring commitment to indepen...
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NY Times Advertising Profit Hits, Overall Ad Revenue decline
6Nov By AnkitaNo Comments
BUSINESS

NY Times Advertising Profit Hits, Overall Ad Revenue decline

The New York Times profits slipped in the third quarter as declines in advertising revenues offset gains in its digital subscription efforts. The prestigious US daily said it now has more than four million "digital only" subscribers and a total subscriber base of 4.9 million, with 500,000 outside the United States. Net profit for the quarter slid 34 percent from a year ago to $16.4 million, while total revenues rose 2.7 percent to USD 429 million. But while the Times increased revenue from its subscriber base, ad revenues were down for both print and digital. Overall ad revenue declined 6.7 percent from a year ago, including a 7.9 percent from print and 5.4 percent drop in digital. "Like other publishers, we're seeing continued turbulence in the digital advertising space," s...
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Major American Newspaper Media Outsource Its IT Services To India
18May By AnkitaNo Comments
News

Major American Newspaper Media Outsource Its IT Services To India

A major American media company which owns prestigious dailies like Los Angeles Times and Chicago Tribune will outsource a part of its IT component to Indian software giant TCS, according to a media report. Chicago-based Tribune Publishing Company said it has informed its IT employees last month that it is moving work to India-based IT company Tata Consultancy Services (TCS), a news report in Computer World said yesterday. However, it did not say the number of employees would be hit by such a move. "IT employees at Tribune Publishing say they received warning of the outsourcing late last year. In April, they were told that over an 18-month period, Tribune would be moving to information technology outsourcing across its business, according to employees contacted," the report said. ...
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