Exhibit 99.2
The New York Times Company Reports December Revenues
NEW YORK--(BUSINESS WIRE)--Jan. 24, 2006--The New York Times
Company announced today that in December 2005 advertising revenues for
the Company's business units increased 8.2% and total Company revenues
increased 3.6% compared with December 2004. The increase in
advertising revenues was the highest rate of growth since March 2004.
Excluding About.com, which was acquired in March 2005, advertising
revenues increased 5.5% and total Company revenues increased 1.6%.
"We are very pleased with our advertising results in December and
the fourth quarter, when we saw strength across many categories," said
Janet L. Robinson, president and chief executive officer. "January,
traditionally a light month, is off to a slower start, especially in
the entertainment and classified automotive categories."
All comparisons are for December 2005 to December 2004 unless
otherwise noted:
The New York Times Media Group - Advertising revenues for The New
York Times Media Group increased 9.2%. National advertising revenues
increased as strength in financial services, corporate,
telecommunications and American fashion advertising offset weakness in
studio entertainment advertising. Retail advertising revenues were on
a par with the prior year as growth in fashion/jewelry store and fine
arts advertising was offset by softness in mass market advertising.
Classified advertising revenues were on a par with the prior year as
growth in real estate advertising was offset by weakness in automotive
and help-wanted advertising.
New England Media Group - Advertising revenues for the New England
Media Group decreased 2.1%. National advertising revenues increased as
strength in financial services, health-related and telecommunications
advertising offset weakness in the entertainment, travel and national
automotive categories. Retail advertising revenues decreased as growth
in department store advertising was offset by softness in
apparel/footwear, record/books and electronic advertising. Classified
advertising revenues were lower as weakness in automotive advertising
offset gains in help-wanted advertising.
Regional Media Group - Advertising revenues for the Regional Media
Group rose 2.5%. Excluding the North Bay Business Journal, which was
acquired in February 2005, advertising revenues grew 2.0%. Retail
advertising revenues decreased as softness in department stores and
telecommunications advertising offset growth in the home improvement
and banking categories. Classified advertising revenues increased as
gains in real estate and help-wanted advertising offset weakness in
automotive advertising.
The Internet ad revenues included in the three media groups above
increased 30.3% due to strong growth in display advertising and in all
classified advertising categories. In the fourth quarter Internet ad
revenues rose 30.3% and for the year they increased 29.5%.
TimesSelect, the new fee-based product on NYTimes.com that
includes The Times's distinctive columnists and extensive access to
its archives as well as other features, currently has more than
390,000 subscribers, including home-delivery and online-only
subscribers.
Circulation revenues for December decreased 3.7%. Circulation
revenues increased at the Regional Media Group, and declined at The
New York Times Media Group and the New England Media Group.
Broadcast Media Group - Advertising revenues increased 4.9%,
principally due to the acquisition of KAUT-TV. Excluding KAUT-TV,
advertising revenues increased 1.1%, with modest growth in automotive,
home improvement and health services advertising.
About.com - About.com's advertising revenue rose in December due
to strong growth in the telecommunications, technology, finance and
retail categories. It also experienced increased spending from health,
travel, consumer packaged goods and entertainment clients.
Advertising revenues for About.com, which was acquired in March
2005, increased approximately 22% in December, 51% in the fourth
quarter and 43% for the year. The growth rates are based on the
previous owner's accounting records before the acquisition date, which
followed calendar months and year, and the Times Company's results
after the acquisition date, which are based on its fiscal months and
year. Fiscal December 2005 had 28 days compared with 31 days for
calendar December 2004.
Except for the historical information contained herein, the
matters discussed in this press release are forward-looking statements
that involve risks and uncertainties that could cause actual results
to differ materially from those predicted by such forward-looking
statements. These risks and uncertainties include national and local
conditions, as well as competition, that could influence the levels
(rate and volume) of retail, national and classified advertising and
circulation generated by our various markets, material increases in
newsprint prices and the timing and amount of savings realized as a
result of our cost-control initiatives. They also include other risks
detailed from time to time in the Company's publicly filed documents,
including the Company's Annual Report on Form 10-K for the year ended
December 26, 2004. The Company undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future events or otherwise.
The New York Times Company (NYSE: NYT), a leading media company
with 2005 revenues of $3.4 billion, includes The New York Times, the
International Herald Tribune, The Boston Globe, 15 other daily
newspapers, nine network-affiliated television stations, two New York
City radio stations and 35 Web sites, including NYTimes.com,
Boston.com and About.com. For the fifth consecutive year, the Company
was ranked No. 1 in the publishing industry in Fortune's 2005 list of
America's Most Admired Companies. The Company's core purpose is to
enhance society by creating, collecting and distributing high-quality
news, information and entertainment.
This press release can be downloaded from www.nytco.com
THE NEW YORK TIMES COMPANY
2005 TOTAL COMPANY REVENUES (a)
DECEMBER AND FULL YEAR
- ----------------------------------------------------------------------
Total Company Revenues
($ 000's)
December Full Year
---------------------------------------------------------
% %
2005 2004 Change 2005 2004 Change
--------------------------- ----------------------------
Advertising
Revenues
News Media
National
(b) $90,335 $79,434 +13.7 $948,368 $926,305 +2.4
Retail (c) 55,903 57,222 -2.3 499,834 490,474 +1.9
Classified
(d) 35,638 35,381 +0.7 590,502 579,500 +1.9
Other Ad
Revenue(e) 5,005 5,005 +0.0 61,186 55,702 +9.8
--------- --------- ----------- -----------
Sub-Total 186,882 177,042 +5.6 2,099,890 2,051,981 +2.3
Broadcast
Media 10,704 10,201 +4.9 136,161 142,663 -4.6
--------- --------- ----------- -----------
Sub-Total 197,586 187,242 +5.5 2,236,051 2,194,644 +1.9
About.com 4,999 - N/A 42,188 - N/A
--------- -----------
Total Advertising
Revenues 202,584 187,242 +8.2 2,278,239 2,194,644 +3.8
Circulation
Revenues 64,995 67,503 -3.7 873,975 883,995 -1.1
Other Revenues
(f) 19,661 22,609 -13.0 220,561 225,003 -2.0
--------- ========= ----------- ===========
Total Company
Revenues $287,241 $277,355 +3.6 $3,372,776 $3,303,642 +2.1
========= ========= =========== ===========
- ----------------------------------------------------------------------
(a) Numbers may not add due to rounding. Historical information for
2005, as well as for 2004 and 2003 reclassified to conform to the
2005 presentation, is available in the Investors section at
www.nytco.com.
(b) Includes all ad revenue from the International Herald Tribune.
(c) Includes all preprint revenues.
(d) Includes legal advertising.
(e) Primarily includes ad revenue from the Regional Media Group's
magazines.
(f) Primarily includes revenues from wholesale delivery operations,
news services, direct marketing, digital archives and commercial
printing.
THE NEW YORK TIMES COMPANY
2005 TOTAL COMPANY REVENUES(a)
FOURTH QUARTER
- ----------------------------------------------------------------------
Total Company Revenues
($ 000's)
Fourth Quarter
--------------------------------
%
2005 2004 Change
---------- ---------- ----------
Advertising Revenues
News Media
National (b) $288,879 $263,706 +9.5
Retail (c) 157,152 159,679 -1.6
Classified (d) 138,296 135,452 +2.1
Other Ad Revenue (e) 17,012 16,288 +4.4
---------- ----------
Sub-Total 601,339 575,125 +4.6
Broadcast Media 36,624 40,776 -10.2
---------- ----------
Sub-Total 637,963 615,901 +3.6
About.com 15,910 - N/A
----------
Total Advertising Revenues 653,873 615,901 +6.2
Circulation Revenues 218,004 223,057 -2.3
Other Revenues (f) 59,163 64,979 -9.0
---------- ==========
Total Company Revenues $931,040 $903,937 +3.0
========== ==========
- ----------------------------------------------------------------------
(a) Numbers may not add due to rounding. Historical information for
2005, as well as for 2004 and 2003 reclassified to conform to the
2005 presentation, is available in the Investors section at
www.nytco.com.
(b) Includes all ad revenue from the International Herald Tribune.
(c) Includes all preprint revenues.
(d) Includes legal advertising.
(e) Primarily includes ad revenue from the Regional Media Group's
magazines.
(f) Primarily includes revenues from wholesale delivery operations,
news services, direct marketing, digital archives and commercial
printing.
THE NEW YORK TIMES COMPANY
2005 ADVERTISING REVENUES(a)
DECEMBER AND FULL YEAR
- ----------------------------------------------------------------------
Total Company Advertising Revenues
($ 000's)
December Full Year
---------------------------------------------------------
% %
2005 2004 Change 2005 2004 Change
-------------------------- ------------------------------
News Media Group
New York Times
Media
Group (b) $118,661 $108,681 +9.2 $1,264,760 $1,220,664 +3.6
New England
Media
Group (c) 38,934 39,779 -2.1 467,608 481,615 -2.9
Regional
Media
Group (d) 29,287 28,581 +2.5 367,522 349,702 +5.1
--------- --------- ----------- -----------
Sub-Total 186,882 177,041 +5.6 2,099,890 2,051,981 +2.3
Broadcast Media
Group 10,704 10,201 +4.9 136,161 142,663 -4.6
--------- --------- ----------- -----------
Sub-Total 197,586 187,242 +5.5 2,236,051 2,194,644 +1.9
About.com 4,999 - N/A 42,188 - N/A
--------- -----------
Total Company
Ad Revenues $202,585 $187,242 +8.2 $2,278,239 $2,194,644 +3.8
========= ========= =========== ===========
- ----------------------------------------------------------------------
(a) Numbers may not add due to rounding. Historical information for
2005, as well as for 2004 and 2003 reclassified to conform to the
2005 presentation, is available in the Investors section at
www.nytco.com.
(b) The New York Times, NYTimes.com, International Herald Tribune and
WQXR-FM.
(c) The Boston Globe, Boston.com and the Worcester Telegram & Gazette.
(d) Beginning in February 2005, includes the results of the North Bay
Business Journal, purchased February 1, 2005. Excluding the North
Bay Business Journal, advertising revenues were up 2.0% in
December, 3.3% in the fourth quarter and 4.6% for the year.
THE NEW YORK TIMES COMPANY
2005 ADVERTISING REVENUES(a)
FOURTH QUARTER
- ----------------------------------------------------------------------
Total Company Advertising Revenues
($ 000's)
Fourth Quarter
------------------------------
%
2005 2004 Change
---------- ---------- --------
News Media Group
New York Times Media Group (b) $378,823 $351,098 +7.9
New England Media Group (c) 125,841 130,814 -3.8
Regional Media Group (d) 96,675 93,213 +3.7
---------- ----------
Sub-Total 601,339 575,125 +4.6
Broadcast Media Group 36,624 40,776 -10.2
---------- ----------
Sub-Total 637,963 615,901 +3.6
About.com 15,910 - N/A
----------
Total Company Ad Revenues $653,873 $615,901 +6.2
========== ==========
- ----------------------------------------------------------------------
(a) Numbers may not add due to rounding. Historical information for
2005, as well as for 2004 and 2003 reclassified to conform to the
2005 presentation, is available in the Investors section at
www.nytco.com.
(b) The New York Times, NYTimes.com, International Herald Tribune and
WQXR-FM.
(c) The Boston Globe, Boston.com and the Worcester Telegram & Gazette.
(d) Beginning in February 2005, includes the results of the North Bay
Business Journal, purchased February 1, 2005. Excluding the North
Bay Business Journal, advertising revenues were up 2.0% in
December, 3.3% in the fourth quarter and 4.6% for the year.
THE NEW YORK TIMES COMPANY
2005 NEWS MEDIA AD REVENUE GROWTH
BY CLASSIFIED CATEGORY
DECEMBER, FOURTH QUARTER AND FULL YEAR
- ----------------------------------------------------------------------
% Change % Change % Change
December '05 Q4 '05 2005
vs. December '04 vs. Q4 '04 vs. 2004
-----------------------------------------
News Media
Help-Wanted +8.2 +5.5 +5.7
Real Estate +16.4 +11.2 +7.2
Automotive -17.4 -14.2 -10.7
- ----------------------------------------------------------------------
THE NEW YORK TIMES COMPANY
2005 PRINT ADVERTISING VOLUME(a)
(Inches in thousands, Preprints in
thousands of copies)
DECEMBER AND FULL YEAR
- ----------------------------------------------------------------------
December Full Year
- ----------------------------------------------------------------------
% %
2005 2004 Change 2005 2004 Change
-------- -------- ------ ---------- ---------- ------
National (b) 233.3 215.3 +8.4 2,468.4 2,512.3 -1.7
Retail 594.9 616.2 -3.5 6,511.7 6,541.8 -0.5
Classified 645.1 644.4 +0.1 9,532.2 9,675.5 -1.5
-------- -------- ---------- ----------
Total ROP 1,473.4 1,475.9 -0.2 18,512.4 18,729.7 -1.2
-------- -------- ---------- ----------
Part Run/ Zoned 162.1 181.8 -10.9 2,087.2 2,215.6 -5.8
-------- -------- ---------- ----------
Total 1,635.5 1,657.7 -1.3 20,599.6 20,945.3 -1.7
======== ======== ========== ==========
Preprints 303,552 312,245 -2.8 2,979,723 2,897,241 +2.8
- ----------------------------------------------------------------------
(a) Advertising volume is based on preliminary internal data, which
may be updated in subsequent reports and may not be indicative of
advertising revenue or operating profit. Numbers may not add due
to rounding.
(b) Includes all ad volume from the International Herald Tribune.
THE NEW YORK TIMES COMPANY
2005 PRINT ADVERTISING VOLUME(a)
(Inches in thousands, Preprints
in thousands of copies)
FOURTH QUARTER
- ----------------------------------------------------------------------
Fourth Quarter
- ----------------------------------------------------------------------
%
2005 2004 Change
---------- ---------- ----------
National (b) 747.5 709.7 +5.3
Retail 1,819.3 1,886.3 -3.6
Classified 2,279.8 2,310.0 -1.3
---------- ----------
Total ROP 4,846.6 4,906.1 -1.2
---------- ----------
Part Run/ Zoned 538.9 592.9 -9.1
---------- ----------
Total 5,385.5 5,499.0 -2.1
========== ==========
Preprints 887,394 887,288 0.0
- ----------------------------------------------------------------------
(a) Advertising volume is based on preliminary internal data, which
may be updated in subsequent reports and may not be indicative of
advertising revenue or operating profit. Numbers may not add due
to rounding.
(b) Includes all ad volume from the International Herald Tribune.
CONTACT: The New York Times Company
Catherine J. Mathis, 212-556-1981
mathis@nytimes.com
or
Paula Schwartz, 212-556-5224
schwap@nytimes.com