NYT foresees ad drop due to coronavirus
The New York Times Company says it foresees a 10% drop in digital ad sales this quarter due to coronavirus.
“Like many companies, in recent weeks we have begun to see some economic impact from the coronavirus,” said CEO Mark Thompson in a SEC filing with a March 2 date.
“Unlike many news publishers, our business is heavily skewed towards subscriptions rather than advertising. We’ve seen no adverse impact on subscription growth, or on the expected rise in subscription revenue, which remains strong and consistent with the guidance we gave in our most recent earnings call,” he said. “However, we are seeing a slowdown in international and domestic advertising bookings, which we associate with uncertainty and anxiety about the virus. We therefore now expect total advertising revenues to decline in the mid-teens in the current quarter, with digital advertising revenues expected to decline 10%. We remain broadly in line with all the other guidance numbers we gave in the call in early February.”
Thompson planned to make the comments March 2 at the Morgan Stanley Technology, Media and Telecom Conference in Japan.
Source: News and Tech, 2020
News Leaders Association cancels conference
The News Leaders Association has canceled its 2020 annual conference, Poynter reported. The event had been penciled in for Nashville in the fall. The cancellation was decided on before coronavirus became an issue, Poynter says.
The NLA is moving the event to spring 2021. The location and date are not yet set.
The group was created through a merger of the American Society of News Editors and Associated Press Media Editors. The merger is still being completed, Poynter said.
“We are still in the midst of a search for a new executive director,” Michael Days, the group’s chairman, told Poynter.
Source: News and Tech, 2020
Times Media Group buys Arizona weekly
Times Media Group (Tempe, Arizona) has bought The Foothills Focus, a community news weekly in New River, the East Valley Tribune reported.
Along with New River, the paper covers several other communities, including Anthem, Black Canyon City, Cave Creek and Carefree.
Times Media Group has community weekly newspapers and websites around Arizona and California.
Source: News and Tech, 2020
Times Herald-Record moving print
The Times Herald-Record (Middletown, New York) is relocating its newspaper printing and production from the Town of Wallkill to a sister facility in Rockaway, N.J., the paper reported.
The plant also prints the Daily Record.
Gannett owns the papers.
The move is set for May. Times Herald-Record news and advertising teams will stay in Middletown.
The move will mean earlier deadlines, the paper said.
The Times Herald-Record filed a notice with the New York State Department of Labor in February indicating 94 employees would lose their positions.
“This was an enormously difficult decision, and we regret the impact it will have on our employees,” said Regional Vice President Terry Cascioli. “The individuals who bring our newspaper to life every day are incredibly skilled and dedicated, and this move was in no way a reflection on their work. We are so appreciative of their many, many years of service.”
Source: News and Tech, 2020
Kansas City Star cuts Saturday print
The Kansas City Star is cutting its Saturday print edition beginning March 14, the paper reported.
The paper is expanding its Friday and Sunday print editions, so subscribers will continue to get favorite Saturday features, including comics and puzzles.
A version of the Saturday paper will be available as an e-edition.
McClatchy owns the paper. McClatchy has said it plans to cut Saturday editions of all of its 30 publications in 14 states by the end of 2020. McClatchy filed for Chapter 11 bankruptcy in February.
Source: News and Tech, 2020
