New York Times February ad revenue falls 6 percent
NEW YORK, March 20
NEW YORK, March 20 (Reuters) - Advertising revenue at The New York Times Co. (NYT.N) fell 6 percent in February on weaker performance in every category of newspaper ads, the company said on Tuesday.
Total company revenue from continuing operations fell 3.6 percent compared with February 2006.
The results reflect ongoing trouble at the Times Co. as it tries to stem a loss of advertising as more readers spend their time online rather than in printed newspapers.
At the Times newspaper, national ad revenue was down on weakness in technology products, studio entertainment, banking, automotive and corporate advertising. Book, alcoholic beverage and international fashion fared better.
Ad revenue at The New York Times fell 7.5 percent in February, while it dropped 4 percent in its New England group, which includes the Boston Globe.
Ad revenue at its other local papers fell 8.1 percent.
Internet ad revenue rose 14.3 percent on growth in display and classified advertising.
The Times publishes much of its material for free, but charges readers under the TimesSelect program to read certain columnists and gain access to its archives.
The program has about 639,000 subscribers. Sixty-six percent get it as part of their home-delivery subscriptions. The other 34 percent get it from online-only subscriptions.
Big Board shares closed down 14 cents to $23.81. They were unchanged in after-hours trading.
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