New York—The New York Times Co. Wednesday, said third-quarter profits declined $39.2% to $14.0 million due to continued weakness in print advertising.
Revenue fell 2.4% to $739.6 million. Overall ad revenue declined 4.2%, while circulation revenue dropped 1.3%.
The company reported that September ad revenue across all business units decreased 3.9%, while total revenue dropped 2.4%. Ad revenue for the New York Times Media Group, which includes flagship The New York Times and other media properties, fell 3.5% compared with the same month in 2005.
“Print advertising remains challenging, especially in categories such as studio entertainment, help wanted and automotive where we are experiencing declines,” said Janet L. Robinson, president-CEO of New York Times Co., in a media release. “The slowdown in the advertising market that began in the third quarter is expected to continue through the end of the year.”