Details on the Company’s Chapter 11 process and go-forward strategy are as follows: The Company expects to close a significant portion, if not all, of its brick-and-mortar stores and, in connection therewith, the Company has launched a store closing and liquidation process. The Company, however, will continue to operate its business in the ordinary course in the near term; and The Company is evaluating any and all strategic alternatives, including the potential sale of its eCommerce business and related intellectual property.
Meredith Kopit Levien, president and chief executive officer, The New York Times Company, said, “Our second quarter results demonstrate that we are making palpable progress on our strategy of becoming the essential subscription for every English-speaking person seeking to understand and engage with the world. In the quarter, we brought in 180,000 net digital-only subscribers, including the highest-ever number of new starts to our All Digital Access Bundle, and saw an approximately 70% increase in net digital-only subscriber additions relative to the second quarter of 2021. These results are a product of our deliberate efforts to drive more volume, penetrate the addressable market, and ultimately increase ARPU, all while leading with the Bundle.
“Given the strength of our strategy, we are reaffirming our full-year profit outlook and remain confident in our ability to drive enhanced shareholder value, despite market uncertainties.
Total revenues for the second quarter of 2022 increased 11.5 percent to $555.7 million from $498.5 million in the second quarter of 2021. Subscription revenues increased 13.1 percent to $383.6 million, advertising revenues increased 4.1 percent to $117.4 million and other revenues increased 17.6 percent to $54.7 million.
Total operating costs increased 19.6 percent in the second quarter of 2022 to $504.0 million compared with $421.4 million in the second quarter of 2021, while adjusted operating costs increased 18.2 percent to $479.5 million from $405.6 million in the second quarter of 2021.
details at: https://s23.q4cdn.com/152113917/files/doc_news/2022/08/Press-Release-6.26.2022-Final-X69kQ5m3-(1).pdf