Media News - Friday, February 08, 2013

New York Times beats profit estimates on slower ad drop

New York Times Co., the newspaper publisher controlled by the Ochs-Sulzberger family, posted fourth-quarter profit that beat analysts’ estimates as its advertising decline slowed and online readership grew. Net income tripled to $176.9 million, or $1.14 a share, from $58.9 million, or 39 cents, a year earlier, the company said today in a statement. The sale of About.com and a stake in Indeed.com added $164.3 million in the quarter after taxes. Excluding some items, profit was 32 cents a share, beating the 31-cent average of estimates compiled by Bloomberg. Times Co., led by Chairman Arthur Sulzberger, is coping with a difficult ad market as national marketing spending continues to subside industrywide. Unlike regional newspapers, the New York Times relies on national advertising from major marketers such as movie studios, car companies and luxury goods for most of its money. National advertising dropped 10 percent across all newspapers in the first nine months of last year, according to the Newspaper Association of America. (Bloomberg)

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