The New York Times Company says its Internet revenues were up 6.5% in 2008 over 2007, but that in Q408 online ad revenues declined 3.5% versus Q407. December online ad revenues dropped 12.7% from November.
In the fourth quarter, total revenues decreased 10.8% to $772.1 million from $865.8 million.
In December, advertising revenues for The New York Times Media Group decreased 14.1%.
In a separate release, the Times also said it’s hired Goldman Sachs “to explore the possible sale of the Company’s 17.75 per cent ownership interest in New England Sports Ventures,” also known as Major League Baseball’s Boston Red Sox.
New York Times company president and CEO Janet Robinson wants everyone to know that before the economy blew up, the company would have seen 15% growth this year. But that didn’t happen and she said she doesn’t expect things to shape up quickly:
As we look ahead, we believe advertisers will continue to be cautious with their budgets, particularly in the early part of this year. To date in January the rate of decline in print advertising revenue has accelerated from what we saw in December, while that of digital is similar to last month. During this difficult time in our business and the economy, executing well on our strategy of providing outstanding journalism, developing new revenue streams, restructuring our cost base and improving our financial flexibility will help us meet the challenges we face.
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