* NY Times CEO says ad revenue to be worse than expected
* Weak categories include national auto and real estate
* Shares down 6.9 percent
(Adds Times' executive editor comments, updates share price)
By Jennifer Saba
NEW YORK, Sept 21 New York Times Co (NYT.N)
warned its third-quarter advertising revenue would drop by a
larger-than-expected 8 percent, hurt by a pullback in real
estate, help wanted and national auto ads.
New York Times Chief Executive Janet Robinson, speaking at
a Goldman Sachs conference on Wednesday, cited tough economic
conditions, saying advertisers were less confident about making
She said print advertising revenue was feeling the sharpest
pinch, forecasting a drop of about 10 percent in the quarter.
Digital advertising revenue is likely to be down 2 to 3
percent, she said.
The company said in July that advertising revenue was
expected to decline in the 4 percent range.
Newspapers have been hammered by declines in advertising
revenue for several quarters as marketers spend money in other
media, especially digital. New jitters that the economy could
face another downturn only add to the industry's woes.
Robinson said circulation revenue would be up about 4
The paper's first female executive editor, Jill Abramson,
told Reuters in an interview on Wednesday she hoped the ad
revenue drop would not lead to any more job cuts at the paper
over the next year.
"The economy is so uncertain at this point -- I certainly
haven't been told by anybody that there will be specific
consequences of any economic trends right now. But it's a very
cloudy economy," said Abramson, who officially took over
control of the paper from Bill Keller earlier this month.
She added she believed the paper was "in a good position
right now" due to the paper's Web subscription plan
guaranteeing revenue from "a loyal audience" who "think the
news that we have is worth paying for."
The company had not been hurt by print advertising declines
as much as other publications and the circulation "remains
healthy," she said.
Analysts on average are expecting third-quarter total
revenue to fall about 1 percent to $549.8 million, according to
Thomson Reuters I/B/E/S.
Shares of the New York Times Co fell 46 cents, or 6.9
percent, to close at $6.18.
(Additional reporting by Christine Kearney, Editing by Gerald
E. McCormick and Richard Chang)