The publisher, which owns 18 newspapers, including the International Herald Tribune and the Boston Globe, said that the rate of decline in its advertising revenue, slowed at the year-end. Advertising revenues from the automotive, healthcare, packaged goods and telecom sectors showed signs of growth in December 2009.
In the fourth quarter, total advertising revenue dipped 15 per cent, with a 20 per cent drop in print advertising. This was mitigated by an 11 per cent increase in digital advertising. Quarterly profits jumped from $27.6m to $90.9m, aided by cost cuts.
NYTC suffered a $57m loss in 2008. The publisher slashed 100 jobs from the New York Times newsroom, cut pay across-the-board by 5%, lowered employee pension contributions and made reductions in healthcare coverage for retired workers. NYTC's overall costs for the year reduced 17%.