New York Times Co. ad revenue down 9.2% in first quarter

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New York—The New York Times Co. reported Thursday that advertising revenue in the first quarter totaled $458 million, down 9.2% from the same period in 2007. Total revenue declined 4.9% to $748 million.

Ad revenue for About Group, which includes information and advice Web site, grew 22.8% in the first quarter. Advertising revenue for the Times Co.’s News Media Group, which includes The New York Times, decreased 10.6%. Circulation revenue grew 1.9%.

In related news, the Times may lay off employees since not enough staffers decided to take voluntary buyouts aimed at trimming the paper’s newsroom staff by 100. The announcement came from Assistant Managing Editor Bill Schmidt in an internal memo to employees.

—Matthew Schwartz

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