Company sees fourth quarter slide, but CEO says “trends have improved modestly”
The New York Times Company said on Tuesday that its expects print ad revenue to be down about 25 percent during the fourth quarter, but that there are signs that a recovery is on the horizon.
“Trends improved modestly as the quarter progressed,” NYT chief executive Janet Robinson said on Tuesday.
The forecast comes as the company is moving to cut 100 staffers from the New York Times newsroom. The deadline for employees to accept the paper’s buyout offers expired on Monday night, and many longtime reporters were said to be among those who had taken them.
The Times Co. also said on Monday that it has pulled the Worcester Telegram & Gazette off the auction block.
"Despite a difficult operating environment, we are pleased with the significant progress that has been made this year at our New England assets and look forward to continued improvement," Robinson said.
Earlier this year, the Times threatened to sell or shut down the Boston Globe before reaching an agreement with its union.