NEW YORK The New York Times Co. will keep turning the screws to tighten costs as the company — along with every other newspaper player — tries to weather the economic slump affecting newspaper advertising revenue.
Executives said during a Q2 earnings call that the company is looking to outsource more functions like IT as well as “pursuing other production efficiencies,” including at its Regional Media Group. Execs did not elaborate.
Second-quarter earnings fell 82 percent from a year ago, when the company saw a onetime gain from the sale of a unit, but print advertising continued to shrink and pulled down operating income, the publisher said Wednesday.
Net income dropped to slightly more than $21 million, or 15 cents per share, from $118.4
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