Exhibit 99.2
The New York Times Company Reports September Revenues
NEW YORK--(BUSINESS WIRE)--Oct. 19, 2006--The New York Times
Company announced today that in September 2006 advertising revenues
for the Company's business units from continuing operations decreased
3.9% and total Company revenues decreased 2.4% compared with September
2005.
"Print advertising remains challenging, especially in categories
such as studio entertainment, help wanted and automotive where we are
experiencing declines," said Janet L. Robinson, president and CEO.
"The slowdown in the advertising market that began in the third
quarter is expected to continue through the end of the year. While
real estate advertising is cycling difficult comparisons with the
fourth quarter last year when it rose 11% at the News Media Group, it
remains strong at The Times and our Regional Media Groups, and our
digital properties continue to deliver very solid gains, particularly
About.com."
All comparisons are for September 2006 to September 2005 unless
otherwise noted:
The New York Times Media Group - Advertising revenues for The New
York Times Media Group decreased 3.5%. National advertising revenues
decreased as softness in studio entertainment, banking and corporate
advertising offset growth in the American fashion, financial services
and live entertainment categories. Retail advertising revenues
decreased as weakness in mass market advertising offset strength in
department store advertising. Classified advertising revenues declined
as softness in help-wanted and automotive advertising offset gains in
real estate advertising.
New England Media Group - Advertising revenues for the New England
Media Group decreased 10.0%. National advertising revenues rose mainly
because of growth in online advertising. Retail advertising revenues
decreased due to the consolidation of the group's two largest
department store advertisers. Classified advertising revenues
decreased because of weakness in real estate, automotive and
help-wanted advertising.
Regional Media Group - Advertising revenues for the Regional Media
Group rose 0.9%. Retail advertising revenues increased as growth in
home improvement, hospital and political advertising offset weakness
in banking, grocery and furnishings advertising. Classified
advertising revenues decreased as softer automotive and help-wanted
advertising offset continued strength in real estate advertising.
The Internet ad revenues included in the three media groups above
increased 18.9% in September due to continued growth in both display
and classified advertising. Internet ad revenues rose 21.4% in the
third quarter and 23.1% year to date.
TimesSelect, the fee-based product on NYTimes.com that includes
The Times's distinctive columnists and extensive access to its
archives, currently has over 551,000 subscribers, with about 65%
receiving TimesSelect as a benefit of their home-delivery
subscriptions and 35% receiving it from online-only subscriptions.
Year to date September, TimesSelect has generated over $7 million in
revenues, and since its launch last September revenues totaled $8.5
million.
Circulation revenues for September decreased 2.7%. Circulation
revenues increased at the Regional Media Group and declined at The New
York Times Media Group and New England Media Group.
About.com - In September, advertising revenues at About.com were
up 8.7% compared with the same month last year. Advertising revenues
in September 2005 were favorably affected by an accounting adjustment
for cost-per-click advertising. Excluding the effect of this
adjustment, advertising revenues would have increased about 25% this
September. About.com's advertising revenues grew 27.6% in the third
quarter and an estimated 56% year-to-date, based on the previous
owner's accounting records before the acquisition date in March 2005
and the Times Company's results after the acquisition date. Month to
date in October, About.com's advertising revenues have been trending
at a rate similar to that of the third quarter.
September's growth was due to increases in both cost-per-click and
display advertising. Display advertising increased on strength in the
retail, telecommunications, technology, pharmaceutical and food ad
categories.
Discontinued Operations - Last month the Company announced plans
to sell its Broadcast Media Group, which is now classified under
discontinued operations. Revenues for the Broadcast Media Group for
September, the third quarter and the first nine months of 2006 and
2005 are included in the tables in this release.
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 $3.4 billion, includes The New York Times, the
International Herald Tribune, The Boston Globe, 15 other daily
newspapers, nine network-affiliated television stations, two New York
City radio stations and 35 Web sites, including NYTimes.com,
Boston.com and About.com. The Company's core purpose is to enhance
society by creating, collecting and distributing high-quality news,
information and entertainment.
This press release can be downloaded from www.nytco.com
THE NEW YORK TIMES COMPANY
2006 TOTAL COMPANY REVENUES (a)
SEPTEMBER AND YEAR TO DATE
- --------------- -----------------------------------------------------
Total Company
Revenues
($ 000's)
September Year to Date
-----------------------------------------------------
% %
2006 2005 Change 2006 2005 Change
-------- -------- ------ ---------- ---------- ------
Advertising
Revenues
News Media
National $79,116 $80,749 -2.0 $644,659 $659,489 -2.2
Retail 38,893 39,835 -2.4 337,452 342,681 -1.5
Classified 43,962 48,553 -9.5 446,228 452,206 -1.3
Other Ad
Revenue 4,830 5,027 -3.9 46,069 44,176 +4.3
-------- -------- ---------- ----------
Total News
Media Group 166,802 174,164 -4.2 1,474,408 1,498,552 -1.6
About.com 5,663 5,210 +8.7 53,817 26,277 N/A
-------- -------- ---------- ----------
Total Ad
Revenues from
Continuing
Operations 172,464 179,375 -3.9 1,528,225 1,524,829 +0.2
Circulation
Revenues 67,779 69,693 -2.7 654,993 655,971 -0.1
Other Revenues
(b) 20,189 17,816 +13.3 175,822 159,154 +10.5
-------- -------- ---------- ----------
Total Company
Revenues from
Continuing
Operations 260,432 266,883 -2.4 2,359,040 2,339,954 +0.8
-------- -------- ---------- ----------
Discontinued
Operations:
Broadcast
Media Group
(c) 13,023 11,408 +14.2 107,542 101,781 +5.7
-------- -------- ---------- ----------
- --------------- -----------------------------------------------------
(a) Numbers may not add due to rounding.
(b) Primarily includes revenues from wholesale delivery operations,
news services, direct marketing, digital archives, commercial
printing and TimesSelect.
(c) In September, the Company announced plans to sell the Broadcast
Media Group.
THE NEW YORK TIMES COMPANY
2006 TOTAL COMPANY REVENUES (a)
THIRD QUARTER
- ----------------------------------------------------------------------
Total Company Revenues
($ 000's)
Third Quarter
--------------------------
%
2006 2005 Change
--------- --------- ------
Advertising Revenues
News Media
National $192,002 $203,142 -5.5
Retail 104,874 107,461 -2.4
Classified 136,890 147,509 -7.2
Other Ad Revenue 14,250 13,852 +2.9
--------- ---------
Total News Media Group 448,015 471,964 -5.1
About.com 17,461 13,680 +27.6
--------- ---------
Total Ad Revenues from Continuing Operations 465,476 485,644 -4.2
Circulation Revenues 215,007 217,872 -1.3
Other Revenues (b) 59,103 54,287 +8.9
--------- ---------
Total Company Revenues from Continuing
Operations 739,586 757,803 -2.4
--------- ---------
Discontinued Operations: Broadcast Media
Group (c) 36,476 33,280 +9.6
--------- ---------
- ----------------------------------------------------------------------
(a) Numbers may not add due to rounding.
(b) Primarily includes revenues from wholesale delivery operations,
news services, direct marketing, digital archives, commercial
printing and TimesSelect.
(b) In September, the Company announced plans to sell the Broadcast
Media Group.
THE NEW YORK TIMES COMPANY
2006 ADVERTISING REVENUES (a)
SEPTEMBER AND YEAR TO DATE
- ----------------------------------------------------------------------
Total Company
Advertising
Revenues
($ 000's)
September Year to date
-------------------------------------------------------
% %
2006 2005 Change 2006 2005 Change
--------- --------- ------ ---------- ---------- ------
News Media
Group
New York Times
Media Group $104,853 $108,709 -3.5 $885,509 $885,937 0.0
New England
Media Group 33,854 37,599 -10.0 307,569 341,767 -10.0
Regional Media
Group 28,095 27,857 +0.9 281,330 270,847 +3.9
--------- --------- ---------- ----------
Total News
Media Group 166,802 174,164 -4.2 1,474,408 1,498,551 -1.6
About.com 5,663 5,210 +8.7 53,817 26,277 N/A
--------- --------- ---------- ----------
Total Ad
Revenues from
Continuing
Operations 172,464 179,375 -3.9 1,528,225 1,524,829 +0.2
--------- --------- ---------- ----------
Discontinued
Operations:
Broadcast
Media Group
(b) 12,724 11,114 +14.5 105,669 99,536 +6.2
--------- --------- ---------- ----------
- ----------------------------------------------------------------------
(a) Numbers may not add due to rounding.
(b) In September, the Company announced plans to sell the Broadcast
Media Group.
THE NEW YORK TIMES COMPANY
2006 ADVERTISING REVENUES (a)
THIRD QUARTER
- ----------------------------------------------------------------------
Total Company Advertising Revenues
($ 000's)
Third Quarter
--------------------------
%
2006 2005 Change
--------- --------- ------
News Media Group
New York Times Media Group $261,653 $272,709 -4.1
New England Media Group 97,424 111,181 -12.4
Regional Media Group 88,938 88,074 +1.0
--------- ---------
Total News Media Group 448,015 471,964 -5.1
About.com 17,461 13,680 +27.6
--------- ---------
Total Ad Revenues from Continuing Operations 465,476 485,644 -4.2
--------- ---------
Discontinued Operations: Broadcast Media
Group (b) 35,807 32,579 +9.9
--------- ---------
- ----------------------------------------------------------------------
(a) Numbers may not add due to rounding.
(b) In September, the Company announced plans to sell the Broadcast
Media Group.
THE NEW YORK TIMES COMPANY
2006 NEWS MEDIA AD REVENUE GROWTH
BY CLASSIFIED CATEGORY
SEPTEMBER, THIRD QUARTER AND YEAR TO DATE
- ----------------------------------------------------------------------
% Change % Change % Change
Sept. '06 Q3 '06 YTD '06
vs. Sept. '05 vs. Q3 '05 vs. YTD '05
------------------------------------
News Media
Help Wanted -16.2 -15.1 -8.5
Real Estate -1.3 +2.2 +13.9
Automotive -14.8 -14.8 -14.9
- ----------------------------------------------------------------------
THE NEW YORK TIMES COMPANY
2006 PRINT ADVERTISING VOLUME (a)
(Inches in thousands, Preprints in thousands of copies)
SEPTEMBER AND YEAR TO DATE
- ---------------------------------------------------------------------
September Year to Date
- ---------------------------------------------------------------------
% %
2006 2005 Change 2006 2005 Change
-------- -------- ------ ---------- ---------- ------
National 190.6 201.0 -5.2 1,663.0 1,720.9 -3.4
Retail 486.3 498.4 -2.4 4,543.2 4,692.5 -3.2
Classified 724.3 732.0 -1.0 7,210.2 7,252.4 -0.6
-------- -------- ---------- ----------
Total ROP 1,401.3 1,431.4 -2.1 13,416.4 13,665.8 -1.8
-------- -------- ---------- ----------
Part Run/ Zoned 151.7 162.3 -6.5 1,458.5 1,548.3 -5.8
-------- -------- ---------- ----------
Total 1,553.0 1,593.7 -2.6 14,875.0 15,214.1 -2.2
======== ======== ========== ==========
Preprints 218,454 223,605 -2.3 2,060,764 2,092,329 -1.5
- ---------------------------------------------------------------------
(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.
THE NEW YORK TIMES COMPANY
2006 PRINT ADVERTISING VOLUME (a)
(Inches in thousands, Preprints in thousands of copies)
THIRD QUARTER
- ---------------------------------------------------------------------
Third Quarter
- ---------------------------------------------------------------------
%
2006 2005 Change
-------- -------- ------
National 497.0 537.8 -7.6
Retail 1,446.0 1,528.5 -5.4
Classified 2,350.4 2,393.8 -1.8
-------- --------
Total ROP 4,293.4 4,460.2 -3.7
-------- --------
Part Run/ Zoned 442.7 482.4 -8.2
-------- --------
Total 4,736.2 4,942.5 -4.2
======== ========
Preprints 657,709 676,688 -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.
CONTACT: The New York Times Company
Catherine J. Mathis, 212-556-1981
mathis@nytimes.com
OR
Paula Schwartz, 212-556-5224
schwap@nytimes.com