Mark Thompson, CEO, The New York Moments, talking at the Globe Financial Forum in Davos, Switzerland on Jan. 23, 2020.
Adam Galasia | CNBC
The New York Times Co. says it is looking at a slowdown in promoting bookings thanks to “uncertainty and anxiousness” brought on by the coronavirus, in accordance to a regulatory filing issued Monday.
The firm explained it has “begun to see see some economic influence” from the virus. CEO and President Mark Thompson strategies to comment on the virus’ effect Monday morning at the Morgan Stanley Know-how, Media and Telecom Convention, the filing stated.
Shares in the New York Periods Co. had been down 4% Monday early morning.
The filing also says that the firm’s subscription enterprise is anticipated to proceed developing, even with the advertising and marketing headwinds.
“Unlike several news publishers, our organization is heavily skewed in the direction of subscriptions rather than advertising and marketing,” the filing says. “We have viewed no adverse impression on membership progress, or on the anticipated rise in membership revenue, which remains strong and dependable with the guidance we gave in our most new earnings call.”
Nevertheless, the corporation explained it truly is observing a slowdown in intercontinental and domestic advertising and marketing bookings, which it is associating with the virus. The New York Occasions expects overall promotion revenues to drop “in the mid-teenagers” in the present-day quarter, with electronic advertisement revenues expected to decrease 10%. The corporation stated it does not intend to supply even more updates on guidance till it releases initial-quarter 2020 benefits in Might.
The company introduced fourth-quarter 2019 outcomes in early February, reporting marketing revenues that reduced 10.7% in the quarter.