First-quarter numbers for the New York Times Company don’t look too bad initially thanks to the sale of its regional newspapers, which accounted for 70 percent of $42.1 million in net income, but advertising is down across the board. Print ad revenue dropped 7.2 percent and digital fell 10.3 percent, the latter dragged down (as usual) by About.com and its associated properties. While circulation revenue and paid digital subscribers are up at the Times, Boston Globe, and International Herald Tribune, the big three papers experienced a drop in ad revenue as well. Meanwhile, the company continues its union negotiations and search for a CEO. Outgoing boss Janet Robinson’s $24 million compensation package is not included in the first-quarter figures.
