Tony Ridder
Tony Ridder
across ad continue estate half industry months patterns quarter revenue second soft total
The quarter was challenging. With total ad revenue up only 1 percent, and with the persistence of the soft revenue patterns across the industry for many months now (employment and real estate excepted), we continue to look to the second half for improvement.
advantage business continue newspaper strong
The newspaper business is strong in most markets, and we continue to restructure culturally to take advantage of it,
best businesses continue critical great jobs months newspapers online outcome process publish run stay weeks
Our jobs, always, have been to publish great newspapers and online services, and we have done that very well, ... It is important that we continue to do so in the weeks and months to come. Indeed, a big part of all of our jobs will be to stay focused. Nothing could be more critical to the best outcome of the process we're now in than that we run our businesses well.
ad expect grew grow half rate revenue second
We expect ad revenue to grow in the second half at about the same rate that it grew in the first,
course economic health journalism maximum meet quality whatever
The only responsible course is to tighten our operations, ... but with maximum sensitivity to assuring the quality of our journalism and the long-term health of our franchises so that we are better positioned to meet the future, whatever the economic environment.
both company future online position print quarter steps strong took
While the fundamentals of this quarter were disappointing, we took important steps to position our company for a strong future in both print and online publishing, and our accomplishments were significant,
ad month percent revenue seen steady
With ad revenue down a steady (and not worsening) 8 percent to 9 percent in each month of the quarter, we may have seen the floor.
buy consider control
We'd consider it, but we don't have any control over the Times board. Who would buy something like that?
biggest bought business disney form four good great history industry newspaper newspapers print
The newspaper business is a great business, ... We've just made the biggest acquisition in the history of our industry when we bought four newspapers from Disney ( DIS ). We think the newspaper business in print form . . . is a very, very good business.
cost fourth increase level repeated
That level of cost increase will not be repeated in the fourth quarter,
approved board directors specific unless until
unless and until its board of directors has approved a specific transaction.
We feel the need to go our own way.
cost discipline environment offset performance promised revenue strong tough
We promised a strong bottom-line performance this year, and we are going to deliver, ... We have offset some tightening in the revenue environment with tough cost discipline, and that will not be a one-time event.
although auto estate remained strong turnaround
Although recruitment and real estate have remained strong all year, we did not see the hoped-for turnaround in auto in August,