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THE TIMES FACING ONLINE AD DILEMMA

By
Peter Lauria
Published Aug. 27, 2008, 9:54 a.m. ET

The Gray Lady might have to find another savior because it turns out online advertising isn’t providing the rescue the struggling newspaper desperately needs.

In a report released yesterday, The New York Times Co.’s July advertising data revealed not only an expected piece of bad news – that print revenue continues to spiral downward – but also a surprising and unwelcome disappointment: Online revenue is tracing print’s path to the bottom.

Online revenue rose just 2.6 percent in July from a year ago, down sharply from June’s growth rate of 11.7 percent – a troubling sign for the future of Arthur “Pinch” Sulzberger Jr.’s empire.

Internet advertising revenue, meanwhile, climbed 5.5 percent in July from a year earlier, but that was way off the 18.6 percent growth rate recorded in June.

That slowdown came as the flagship New York Times Media Group, which includes The New York Times newspaper, recorded a 15.3 percent plunge in advertising revenue to $71.2 million from $84.1 million a year ago.

Things at the New England Media Group, which includes The Boston Globe, were even worse: Ad revenue tumbled 24.5 percent to $24.7 million.

Internet advertising included in the results of the company’s print unit rose less than 1 percent in July, compared with an increase of 21.5 percent in June.

The company’s total July revenue fell 10 percent to $236 million. Internet revenue accounted for 12.5 percent of that figure.

Seeking to reassure investors that its July online performance was an anomaly, the company said online advertising for its papers so far this month was trending upward in the low double-digits.

Investors sent company shares down 22 cents, or 1.7 percent, to $12.66 on the news yesterday. The Times’ shares have shed more than 40 percent in the last year.