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New York Times posts higher ad revenue, lower earnings

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New York—The New York Times Co. Tuesday reported its December advertising revenue increased 8% and total revenue rose 4% compared with December 2004. Fourth-quarter earnings fell 41% from the same period a year earlier, weighed down by charges for staff reductions and an accounting change.

The increase in advertising revenue was the largest since March 2004. Excluding About.com, which was acquired in March 2005, advertising revenue increased 6% and total revenue increased 2%.

Strength in financial services, corporate, telecommunications and U.S. fashion advertising offset weakness in studio entertainment advertising.

Ad revenue for the full year was up just over 2%. Earnings declined nearly 6% to $481 million, from $510 million in 2004.

Overall circulation revenue fell 2% in December, largely due to weakness at the Boston Globe. Circulation for the year was down 1%.

—Matthew Schwartz

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