3.6.07 Online revenue up for Times
Online is looking up for the New York Times, at a time when traditional newspaper businesses are suffering, CEO Janet Robinson told a Bear Stearns conference. Online revenue growth will increase 30 percent in 2007, from $273m to $350m, accounting for 10.6 percent of total revenue.
The leap comes as the Times invests more money in its online business. At the same time, it is cutting costs through plant closings, shutting foreign bureaus at the Boston Globe and outsourcing various functions at some of its other papers as print advertising weakens.
In 2007, the Times expects to achieve cost savings and productivity gains of $65 million to $75 million, excluding expenses, Chief Financial Officer James Follo said at the conference.