Exhibit 99.2
The New York Times Company Reports March Revenues
NEW YORK--(BUSINESS WIRE)--April 13, 2006--The New York Times Company
announced today that in March 2006 advertising revenues for the Company's
business units increased 4.6% and total Company revenues increased 3.2% compared
with March 2005. Excluding About.com, which was acquired on March 18, 2005,
advertising revenues increased 2.1% and total Company revenues increased 1.4%.
"Our advertising results in March were bolstered by particularly strong
growth in classified real estate advertising," said Janet L. Robinson, president
and CEO. "Both print and online real estate advertising posted solid
double-digit gains across the News Media Group. Classified advertising revenues
benefited from the timing of Easter, which falls in April this year but was in
March last year, because that Sunday is traditionally a time of reduced
advertising. Conversely, retail advertising was affected by the lack of
pre-Easter retail spending in the month.
"We continued to experience healthy gains in online advertising, which rose
nearly 24% across the News Media Group. At About.com, we once again achieved
very robust growth in both display and cost-per-click advertising."
All comparisons are for March 2006 to March 2005 unless otherwise noted:
The New York Times Media Group - Advertising revenues for The New York
Times Media Group rose 4.1%. National advertising revenues increased as growth
in corporate, hotel, financial B2B/insurance and international country
advertorial advertising offset weakness in the studio entertainment, national
automotive and technology ad categories. Retail advertising revenues were on a
par with last year as strength in home furnishing store and fine arts
advertising was offset by softness in department store and mass market store
advertising. Classified advertising revenues grew as strong gains in real estate
advertising offset weakness in automotive advertising.
New England Media Group - Advertising revenues for the New England Media
Group decreased 4.9%. National advertising revenues were lower on softness in
national automotive, travel, telecommunications and entertainment advertising.
Retail advertising revenues decreased due to the consolidation of the group's
two largest department store advertisers and weakness across many of its retail
categories. Classified advertising revenues increased as strong growth in real
estate advertising offset continued softness in automotive advertising.
Regional Media Group - Advertising revenues for the Regional Media Group
grew 3.1%. Retail advertising revenues decreased as weakness in department
store, telecommunications and grocery store advertising was partially offset by
modest growth in several retail categories. Classified advertising revenues
outpaced last year as healthy gains in real estate and help-wanted advertising
offset softer automotive advertising.
The Internet ad revenues included in the three media groups above increased
23.6% due to continued strong growth in both display and classified advertising.
Year-to-date Internet ad revenues rose 23.0%.
TimesSelect, the 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 approximately 465,000 subscribers, with about 62%
receiving TimesSelect as a benefit of their home-delivery subscriptions and
about 38% receiving it from online-only subscriptions.
Circulation revenues for March were on a par with last year. Circulation
revenues increased at The New York Times Media Group and the Regional Media
Group, but declined at the New England Media Group.
Broadcast Media Group - Advertising revenues grew 3.1% at the Broadcast
Media Group, which benefited from the acquisition of KAUT-TV. Excluding KAUT-TV,
advertising revenues were on a par with last year as gains in telecommunications
and restaurant advertising were offset by declines in automotive, department
store and package goods advertising.
About.com - About.com's advertising revenue rose in March, principally due
to strong growth in cost-per-click advertising. In addition, growth in display
advertising continued with increased revenues from the telecommunications,
entertainment, technology and retail ad categories. About.com also saw gains in
revenues from travel, pharmaceutical and consumer package goods advertisers.
Advertising revenues for About.com, which was acquired on March 18, 2005,
increased approximately 81% in March and 94% year to date. The growth rates are
based on the previous owner's accounting records before the acquisition date and
the Times Company's results after the acquisition date.
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 and
material increases in newsprint prices. 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 25, 2005. 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 $3.4 billion, includes The New York Times, the International Herald
Tribune, The Boston Globe, 15 other daily newspapers, nine network-affiliated
television stations, two New York City radio stations and 35 Web sites,
including NYTimes.com, Boston.com and About.com. The Company's core purpose is
to enhance society by creating, collecting and distributing high-quality news,
information and entertainment.
This press release can be downloaded from www.nytco.com
THE NEW YORK TIMES COMPANY
2006 TOTAL COMPANY REVENUES (a)
MARCH AND YEAR TO DATE
- ----------------------------------------------------------------------
Total Company
Revenues
($ 000's)
March Year to Date
-----------------------------------------------------
% %
2006 2005 Change 2006 2005 Change
---- ---- ------ ---- ---- ------
Advertising
Revenues
News Media
National (b) $70,871 $70,869 +0.0 $225,458 $228,042 -1.1
Retail (c) 36,462 37,880 -3.7 110,920 113,326 -2.1
Classified (d) 49,917 45,208 +10.4 154,007 146,186 +5.4
Other Ad
Revenue (e) 4,892 4,958 -1.3 15,012 14,573 +3.0
--------- --------- --------- ---------
Sub-Total 162,142 158,916 +2.0 505,397 502,127 +0.7
Broadcast
Media 10,733 10,415 +3.1 31,321 30,602 +2.3
--------- --------- --------- ---------
Sub-Total 172,875 169,331 +2.1 536,718 532,729 +0.7
About.com 5,390 1,050 N/A 17,909 1,050 N/A
--------- --------- --------- ---------
Total
Advertising
Revenues 178,265 170,380 +4.6 554,627 533,779 +3.9
Circulation
Revenues 68,582 68,419 +0.2 220,281 219,617 +0.3
Other Revenues(f) 18,575 18,455 +0.7 56,864 52,187 +9.0
--------- --------- --------- ---------
Total Company
Revenues $265,422 $257,254 +3.2 $831,772 $805,583 +3.3
========= ========= ========= =========
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(a) Numbers may not add due to rounding.
(b) Includes all ad revenue from the International Herald Tribune.
(c) Includes all preprint revenues.
(d) Includes legal advertising.
(e) Primarily includes ad revenue from the Regional Media Group's
magazines.
(f) Primarily includes revenues from wholesale delivery operations,
news services, direct marketing, digital archives and commercial
printing.
THE NEW YORK TIMES COMPANY
2006 ADVERTISING REVENUES (a)
MARCH AND YEAR TO DATE
- ----------------------------------------------------------------------
Total Company
Advertising
Revenues
($ 000's)
March Year to date
-----------------------------------------------------
% %
2006 2005 Change 2006 2005 Change
---- ---- ------ ---- ---- ------
News Media Group
New York Times
Media Group(b) $99,581 $95,630 +4.1 $307,811 $301,466 +2.1
New England
Media Group(c) 31,832 33,482 -4.9 101,537 109,407 -7.2
Regional Media
Group 30,728 29,803 +3.1 96,049 91,254 +5.3
--------- --------- --------- ---------
Sub-Total 162,142 158,916 +2.0 505,397 502,127 +0.7
Broadcast Media
Group (d) 10,733 10,415 +3.1 31,321 30,602 +2.3
--------- --------- --------- ---------
Sub-Total 172,875 169,331 +2.1 536,718 532,729 +0.7
About.com 5,390 1,050 N/A 17,909 1,050 N/A
--------- --------- --------- ---------
Total Company
Ad Revenues $178,265 $170,380 +4.6 $554,627 $533,779 +3.9
========= ========= ========= =========
- ----------------------------------------------------------------------
(a) Numbers may not add due to rounding.
(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 November 2005, includes the results of KAUT-TV,
purchased November 3, 2005. Excluding KAUT-TV, advertising
revenues were flat in March and down 1.6% year to date.
THE NEW YORK TIMES COMPANY
2006 NEWS MEDIA AD REVENUE GROWTH
BY CLASSIFIED CATEGORY
MARCH AND YEAR TO DATE
- ----------------------------------------------------------------------
% Change % Change
March '06 YTD '06
vs. March '05 vs. YTD '05
-------------------------
News Media
Help Wanted +5.3 -1.8
Real Estate +39.6 +27.4
Automotive -17.8 -13.3
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THE NEW YORK TIMES COMPANY
2006 PRINT ADVERTISING VOLUME (a)
(Inches in thousands, Preprints in thousands of copies)
MARCH AND YEAR TO DATE
- ----------------------------------------------------------------------
March Year to Date
- ----------------------------------------------------------------------
% %
2006 2005 Change 2006 2005 Change
---- ---- ------ ---- ---- ------
National (b) 180.0 188.4 -4.4 581.7 589.1 -1.3
Retail 481.1 520.1 -7.5 1,507.0 1,559.3 -3.4
Classified 754.5 736.7 +2.4 2,376.5 2,339.7 +1.6
----- ----- ------- -------
Total ROP 1,415.6 1,445.1 -2.0 4,465.2 4,488.1 -0.5
------- ------- ------- -------
Part Run/Zoned 147.4 153.1 -3.7 460.5 482.2 -4.5
----- ----- ----- -----
Total 1,563.0 1,598.2 -2.2 4,925.6 4,970.3 -0.9
======= ======= ======= =======
Preprints 223,106 221,526 +0.7 686,150 688,071 -0.3
- ----------------------------------------------------------------------
(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