Yesterday was a great day for the New York Times. After a harrowing year of cutbacks, leases, and criticism over their financial decisions (or lack thereof) the paper took home five Pulitzers (the second best ever year for the paper), seemingly reinforcing the idea that the newsroom should be supported at all costs.
Sadly, the $10,000 that accompanies the awards is not going to go a long way to solving the paper’s money problems, which have only gotten worse this quarter. Take a look at these numbers:
- The newspaper publisher’s advertising revenue plunged 27 percent in an industrywide slump that is reshaping the print media.
- The owner of The New York Times, The Boston Globe and 15 other daily newspapers said Tuesday that it lost $74.5 million, or 52 cents per share.
- Revenue for the period dropped 19 percent to $609 million — about $22 million below the average analyst estimate. The disappointing performance was driven by a nearly $124 million decline in the Times Co.’s ad revenue from the same time last year. While most of the erosion was concentrated in the Times Co.’s newspapers, its Internet ad revenue also sagged by 8 percent, or $3.6 million.