For the 11th straight fiscal quarter in a row, ad sales at the New York Times fell. While circulation sales increased 5.1%, advertising revenue fell by 5.8%. Overall, total revenue fell 0.9% to $485.4 million.
The Times has been frantically hoping to make up for plummeting advertising revenues with subscription sales, but continues to fall short. Most of these new customers are digital subscribers, and eventually that push to sign them up is expected to plateau when everyone who could possibly want a New York Times subscription has one.
The Times is also hoping to unload the Boston Globe. A sale is expected to close at the end of September. Bloomberg reports that bids are in the $110 million range. The sale will not include the Globe’s $110 million in pension liabilities.
With Barack Obama’s policies only allowing the economy to grow at a dismal 1.7% last quarter, it is unlikely advertising sales are going to improve soon.
The New York Times and the Boston Globe have been big supporters of Obama and his economic policies since 2008.
Follow John Nolte on Twitter @NolteNC