NY Times owner back in the black

The New York Times Company (NYTC) has returned to the black with a profit of $19.9m for the year 200

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%.