New York Times Co. Q3 Profits Fall

Oct 13, 2004  •  Post A Comment

The New York Times Co. on Wednesday reported a slightly lower third-quarter profit as higher costs offset growth in advertising at the company’s newspapers and eight network-affiliated television stations.

The company reported a 4 percent decline in profit to $48.3 million, or 33 cents a share, versus a year-earlier profit of $50.1 million, also at 33 cents a share. Revenue rose 2 percent to $773.8 million.

At the company’s broadcast media group, revenue rose 9 percent to $38 million, while operating profit surged 24 percent to $9.2 million. The growth was largely attributed to robust political advertising spending, which hit $3.9 million in the third quarter versus $1.6 million a year ago.