(nytimes.com) The New York Times Company reported on Thursday that its fourth-quarter profit declined 12.2 percent as rising subscription and digital advertising revenue at its largest newspapers could not offset the continued drop-off in print advertising.Net income was $58.9 million, or 39 cents a share, compared with $67.1 million, or 44 cents a share, in the period a year earlier.really... it is bad news for the right wing. What it shows is it doesn't matter if the politburo is profitable.
For the full year, the company reported a net loss of $39.7 million, or 27 cents a share, compared with a profit of $107.7 million, or 71 cents a share, in 2010.
Revenue for the fourth quarter declined 2.8 percent, to $643 million. For the year, revenue at the Times Company was $2.32 billion, down 2.9 percent. Operating profit fell 4.5 percent, to $106.7 million, for the quarter and dropped 75.8 percent, to $56.7 million, for the year.
The results reflected the continuing struggles of print advertising throughout the industry, as marketers and readers continue to migrate online. Across the company, advertising revenue declined 7.1 percent in the fourth quarter. Print advertising was down 7.8 percent and digital advertising declined 4.9 percent, dragged down by a 25.9 percent revenue drop-off at the company’s About.com property.
The results were brighter at the company’s News Media Group, which includes The New York Times, The Boston Globe and The International Herald Tribune. There, digital advertising was up 5.3 percent and circulation revenue was up 4.7 percent in the fourth quarter, reflecting the growth of online subscriptions at The Times.
Still, every main advertising category spent less at the company’s newspapers in the most recent quarter than they did in the period a year earlier, led by real estate classified advertising, which fell 17.3 percent.
In a continued effort to shed its peripheral assets, the Times Company also said Thursday that it had agreed to sell an additional part of its stake in Fenway Sports Group, owner of the Boston Red Sox, for $30 million, pending the approval of Major League Baseball. Last July the company sold more than half its stake to three separate buyers for $117 million.
The $39.7 million loss for 2011 includes a $161.3 million write-down largely from the company’s smaller regional newspapers in Florida, Alabama and elsewhere. The Times Company announced in December that it had agreed to sell its regional newspapers for $143 million to Halifax Media Holdings, but that sale is not reflected in the 2011 figures.
The results come as the Times Company begins its search for a chief executive to succeed Janet L. Robinson, who left the company after seven years in the post after the issue of a leadership change was raised by the company’s chairman, Arthur Sulzberger Jr. Her departure cost the company $4.5 million in a retirement and consulting agreement, or 2 cents a share. Ms. Robinson’s total exit package could reach five times that amount, according to people familiar with her severance package but unauthorized to discuss it publicly.
Last March, the company introduced its digital pay subscription service at NYTimes.com, viewed by many analysts as a risky but potentially crucial factor in the company’s financial future.
In the six months ended Sept. 30, The Times had the second-largest paid subscription Web site among newspapers behind The Wall Street Journal’s 537,469 subscribers, according to the Audit Bureau of Circulations.
“In 2011 we made significant strides in our strategy to transform and rebalance our company,” Mr. Sulzberger, now the acting chief executive, said in a statement. “Our fourth-quarter results demonstrate the continued focus on building The Times’s digital subscription base.”
The company projected high single-digit circulation revenue growth in the first quarter of 2012 driven by a 4 percent price increase on home delivery of The Times and a 50-cent increase on Monday-to-Saturday newsstand sales.
Mr. Sulzberger said the “economic environment remained challenging” but added that the company would continue to look for “new innovative approaches to expand our reach on new devices, in new markets and through social media.”
In a sign of the economic future newspapers will confront, digital advertising in 2011 accounted for a larger chunk of overall advertising revenue — about 27.7 percent compared with 26.3 percent in 2010.
The company reported that it had $280 million cash on hand at the end of the quarter and a total debt of $773.1 million.
This article has been revised to reflect the following correction:
Correction: February 2, 2012
Because of an editing error, an earlier version of this article misstated the earnings per share for 2010. It was 71 cents, not 74 cents. The article also misstated the time period for the increase in digital advertising’s share of overall advertising revenue. The figures are annual, not quarterly. A description of the 50-cent price increase for newsstand copies of The New York Times was incorrect, based on information from the Times Company. The price increase was for Monday through Saturday issues, not Monday through Friday. Finally, the company also referred imprecisely to the number of digital subscribers to NYTimes.com at the end of December. The number provided — 390,000 — included digital subscriptions to The International Herald Tribune, which were offered beginning in November. (That figure has been deleted from the article.)
Labels: About.com» Arthur Sulzberger Jr.» Halifax Media Holdings» Janet L. Robinson» News Media Group» NYTimes» Red Sox» The Boston Globe» The International Herald Tribune» The Wall Street Journal
Labels: Candice Cohen-Ahnine» Riyadh» Saudi Arabia
Bittersweet: (EOZ)another open minded Jewess. If I had told this story before it happened I would of been blocked by most of the JTS twitter list.
Digital Journal adds:
For the past three-and-a-half years, the prince has kept Aya in a Riyadh palace despite efforts by the French foreign ministry and President Nicolas Sarkozy's office to resolve the issue.
But the French court ruling appears to have had no effect on the prince. “What do I care of Sarkozy?” he is cited as telling Nouvel Observateur magazine. “If need be, I’ll go like [Osama] bin Laden and hide in the mountains with Aya.”
Miss Cohen-Ahnin, 34, and the prince met in London 14 years ago at Brown’s nightclub and their daughter was born in November 2001.
Their relationship continued until 2006 when he allegedly announced that he was obliged to marry a cousin, but that she could be a second wife. She refused and they separated.
Miss Cohen-Ahnine claimed that her daughter was taken from her during a visit to Saudi Arabia in 2008 and that she was held in the prince’s palace where she had only fleeting meetings with her daughter.
She said she managed to leave when a maid left her door open and she sought refuge in the French embassy.
Miss Cohen-Ahnin was eventually spirited out of the country after the prince allegedly produced a document purporting that she had been Muslim but had converted to Judaism — a crime punishable by death.
She said she was concerned about her daughter’s upbringing when she discovered Facebook photos of her in a niqab and playing with her father’s firearms.
Despairing at the lack of diplomatic progress, she published Give My Daughter Back, a book recounting her ordeal, in October.
Since the court ruling, the prince faces an international arrest warrant for ignoring the custody sentence.
Mrs Cohen-Ahnine said the court ruling was a “great victory for me and vindicates everything I have said … but I’m still very worried for my child’s future.”
The prince denied ever having kidnapped the child or the mother.
The prince said he would send lawyers to France to challenge the court decision but not his daughter.
“France hasn’t got the right to take her back. She is a Saudi citizen and a princess. They cannot oblige a princess to leave this country,” he said.
International Family Law states that under Saudi law "A foreign parent cannot take her or his children out of Saudi Arabia if the other parent is a Saudi national even if the foreigner has been granted custody rights." This position is reiterated by the U.S. State Department which advises "The Kingdom of Saudi Arabia is not a party to the Hague Convention on the Civil Aspects of International Child Abduction." Saudi law always favors a Muslim parent over a non-Muslim parent, and the family members of the father have more rights than a childs mother.So there is at least one Jewish princess in Saudi Arabia - who can never leave.
Labels: Adel Imam» Egypt
which reminds me... @TheRealRoseanne just blocked me on twitter. She seems to support the Muslim world. I wonder how she would do if she faced the reality of the people she supports as she blocks people who make valid opposition arguments against gay marriage. Seriously Roseanne... when was the last time a gay man accidentally impregnated another man? It is a valid point... so valid that she blocked me. The feminists aren't too different then Jihadists
Egyptian Comedian Sentenced for Offending Islam(librabunda.blogspot.com) THE GUARDIAN: One of the Arab world's best known Egyptian comedians has been sentenced to three months in jail for offending Islam, a judge said Thursday, in the latest such case against a high-profile figure, underlining concerns about freedom of expression in Egypt.
The judge confirmed that Adel Imam, a veteran actor who first starred in a play in 1964, was convicted in absentia of insulting the religion.
The judge said Imam can appeal. He spoke on condition of anonymity because he was not authorized to brief reporters.
Tarek el-Shinnawi, an entertainment reporter in Egypt, said that Imam was in Egypt recently filming a television series. Egypt's Actors' Syndicate said Imam's whereabouts are unknown. Imam could not be reached for comment.
Labels: Anne Coulter
(Mad Jewess) Ann Coulter wrote an article today called “Three Cheers for RomneyCare” NO SHIT. In October Ann Coulter trashed Romneycare. Does this WACKJOB need some hormones?! She will also defend raising the minimum wage in another article @ Townhall. Last week Coulter was attacking the tea party. Insinuating they are racist. Even my friend who is from Boston likes Romney, but says that “Romney care” is a DISASTER.Priorities here: she hates liberal men (Jewish establishment educated types in her tiny little stereotypical frame of reference). The people she knows in the media who she resents is probably greater in her mind then the philosophy she thinks she espouses. Her politics is personal. She might be right wing, but she appears to be a penis biter like all the other women in the media. Her fangs are out for Gingrich because in her tiny little head she thinks he was unfair to his wife... (how would she know his marriage?) ...but this is how the feminists... on the LEFT and RIGHT meet. Economics don't matter when it comes to sticking it to the man. Bitter women... they are all around us.
Labels: Ban Ki-moon» Gaza
Who is Moon meeting in Gaza? (MORE)
No one was injured during the hostile welcome and the vehicles, which crossed into the Hamas-ruled territory from southern Israel, pushed through the crowd and sped away.
Ban is visiting the region to try to restart long-stalled Israeli-Palestinian peace talks.
Many of those who protested as the UN convoy passed were family members of Palestinians being held in Israeli prisons. They hit the vehicles with signs bearing slogans accusing Ban of bias towards Israel and of refusing to meet the relatives of Palestinian prisoners.
Labels: Anti-Semites» Center For American Progress (CAP)» George Soros» hate» M J Rosenberg» Media Matters» MMFA
(Yid With Lid)...Media Matters and its Jew-hater in Chief MJ Rosenberg, the talons are out. These pages have provided many examples over the years how Rosenberg accuses American Jews of dual loyalty with the term Israel-firsters), or how he claims the "evil Zionist lobby" controls both the media and the U.S. foreign policy.Think about how much influence Media Matters has on Youtube. Think about how the media is framed in replay... now imagine all of it being controlled by people whose fetish is hatred of those who are a minority surrounded by people who want to murder the minority. I know what you are thinking... you are thinking... well I don't trust Media Matters on some issues, but I listen to them on others. It is shocking sometimes (speaking as someone who follows politics closely)... we all come in thinking just like this before we realize that all the little issues we thought we saw eye to eye with the left was not there at all... from global warming... to Islam... to gender and sex issues: The foundation of the leftist establishment from the top... down all the way to their founding socialist intellectual writers. The left is hatred. The left is bigotry. The left is a denial of truth because the left does not like difference. The left is evil.
Rosenberg eve uses the term neo-con in a similar fashion to another Jew-Hater Pat Buchanan, as a slang pejorative term for Jews who are politically conservative. Rosenberg accuses those Israel-firster neo-cons of everything from pushing the US into the war with Iraq and now trying to manipulate the US into a war with Iran.
MJ Rosenberg is not backing down. Ever since the controversy began to build he has dug in his heals, tweeting hatred and claiming that those who criticize the use of the term are just trying to silence his "progressive Jewish voice.
Here are just a few of his tweets from the past few days:
Labels: Gay Marriage» Washington State
Most know what Washington State feels about men. It should be of no surprise that the burden of responsibility due to financial obligations from pregnancy has been ignored in a state the does not treat men like women. Those that do not live with any threat of responsibility will now be treated like they do. Be sure to read wadvpress.org for evidence of the bigotry of progressive feminists towards nature and the penis.
(thinkprogress.org) A little more than an hour ago, a bipartisan group of Washington State Senators voted 28-21 in favor of marriage equality. The state senate was widely seen as the biggest hurdle to marriage equality and passage by the state house should follow. Gov. Christine Gregoire (D) urged the state house to pass the bill so she could sign it immediately:
Tonight the Washington State Senate stood up for what is right and told all families in our state that they are equal and that the state cannot be in the business of discrimination. I believe that this decision should be made by our state Legislature, and I’m proud our elected leaders recognized that responsibility.Opponents of marriage equality have vowed to seek the 120,000-plus signatures necessary to force a statewide referendum on the measure.
Tonight our families are better for this vote. Our kids have a brighter future for this bill. And our state is better for this bill. I encourage the House to approve this bill and get it to my desk for my signature. I look forward to the day when all Washington citizens have equal opportunity to marry the person they love.
Pam Geller’s new poster vandalized by leftist, so sanctimonious she can’t even see why she was arrestedMona Eltahawy is a darling of the feminist progressive left. She was recently attacked in Egypt's Tahrir square. ...another left win...
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