Arthur Sulzberger Jr., chairman of
The New York Times Company, outlined the company's four-pronged turnaround strategy at the company's annual meeting on Tuesday, which includes developing online and mobile platforms:
1) New print and online products, such as expanding the
T style magazines, which "brought in revenue of $45 million in 2007," according to the
New York Times.2) Cost-cutting: The company set a goal of reducing costs by $230 million by the end of 2009.
3) A "rebalance of assets", for example the sale of broadcast media group last year and investments in technology providers like
Epsilen.
4) Research and development: adapting content for mobile devices and other products.
Chief executive
Janet L. Robinson noted that online revenue growth declined to 11.6% for the quarter, while a year earlier it was at 21.6%. She said that the company had invested $500 million in new media since 2005 and is now "experimenting with different online advertising formats to attract advertisers," such as working with
Google's AdSense to text ads on its science, home and garden and dining sites.
Also, the company's regional group has joined
Yahoo's newspaper consortium, and the company has joined
quadrantONE, which sells advertising space on sites owned by the
Hearst Corporation, the
Tribune Company, and the
Gannett Company.
Source:
The New York Times through Poynter Romenesko
