New York Times Co. Q2 earnings nearly double on sale of Broadcast Media Group

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New York—The New York Times Co. Wednesday reported second-quarter earnings net income nearly doubled to $118.4 million from $59.6 million a year earlier, as the sale of the company’s Broadcast Media Group offset continued weakness in print advertising. Total revenue decreased 3.7% to $788.9 million, from $819.6 million. Advertising revenue fell 5.7%, while circulation revenue dropped 0.5%, mainly due to volume declines offset by higher subscription prices in the fourth quarter of 2006. Ad revenue for the New York Times Media Group, which includes the flagship New York Times, decreased 5.3% while circulation revenue rose 0.2%. —Matthew Schwartz
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