NYT Ad Revenues Tank As It Hires Bank To Help Sell Red Sox
The New York Times Company says its Internet revenues were up 6.5% in 2008 over 2007, but that in Q4 online ad revenues declined 3.5% versus Q4. December online ad revenues dropped 12.7% from November.
In the fourth quarter, total revenues decreased 10.8% to $772.1 million from $865.8 million.
In December, advertising revenues for The New York Times Media Group decreased 14.1%.
December results are here. Q4 and fiscal 2008 results are here.
In a separate release, the Times also said it's hired Goldman Sachs "to explore the possible sale of the Company's 17.75 percent ownership interest in New England Sports Ventures," also known as Major League Baseball's Boston Red Sox.
New York Times company president and CEO Janet Robinson wants everyone to know that before the economy blew up, the company would have seen 15% growth this year. But that didn't happen and she said she doesn't expect things to shape up quickly:
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