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The New York Times Company 2005 Annual Report

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The New York Times Company 2005 Annual Report 112022_Cov_R1 2/28/06 4:58 PM Page 1 The New York Times Times Company The York New 229 West 43rd Street PURSUINGPURSUING OUR OUR MULTIPLATFORM MULTIPLATFORM FUTURE FUTURE New York, NY 10036 Annual Report 2005 Annual Report tel 212.556.1234 www.nytco.com200505 THETHE NEW NEW YORK YORK TIMES TIMES COMPANY COMPANY ANNUALANNUAL REPORT REPORT 2005 2005 112022_Platforms_R5 2/28/06 5:06 PM Page 2 GROUPS PLATFORMS EXAMPLES The New York Times NYTimes.com NEW YORK TIMES NYT Radio/WQXR MEDIA GROUP International Herald Tribune News Services Discovery Times Channel (50% interest) The Boston Globe Boston.com NEW ENGLAND Worcester Telegram & Gazette MEDIA GROUP Globe Specialty Products Metro Boston (49% interest) Red Sox/NESN (17% interest) 14 Daily Newspapers Web Sites REGIONAL Weekly Newspapers MEDIA GROUP Community Magazines Database Marketing Cable News 9 TV Stations Duopoly: Oklahoma City BROADCAST Web Sites MEDIA GROUP Newspaper Partnerships Cable News 500 Guides 57,000 Topics ABOUT.COM 1.2 Million Pieces of Original Content About SuperGuides Videos Online Custom Publishing Programs OUR MULTIPLATFORM APPROACH OUR MULTIPLATFORM 112022_Platforms_R5 2/28/06 5:06 PM Page 3 TO OUR FELLOW SHAREHOLDERS: 1 reat institutions successfully make the transition our new headquarters and the acquisition of About.com, Ginto a new era by knowing what must be preserved, we repurchased shares at a slower pace in 2005. Going what must be learned, what must be reevaluated, and when forward, we will continue to evaluate the financial benefits it is time to go in a new direction. These are never easy of buying back more shares. decisions, but they are absolutely necessary as we contend with the financial, technological and market developments Moving in a New Direction that are transforming our industry. The Times Company is responding to the new business As we enter the second half of the decade, our consumers environment by aggressively building a 21st-century media have more media options, newspaper circulation is under organization that enhances our quality journalism, reinvests increasing pressure, and consolidation among major advertisers in print, embraces new uses of media, provides greater has contributed to lower growth in newspaper advertising opportunities for interactivity, and encourages the sharing than in past years. Costs for newsprint, compensation and of common interests and social networking. marketing have been rising. All of these factors affected our Achieving this ambitious vision has required a new results in 2005, as our diluted earnings per share (EPS) corporate strategy, new leadership, new products, new operat- decreased to $1.78 from $1.96. ing procedures, new ways of interacting with our customers – Our 2005 EPS included a gain of $0.46 per share for and a lot of hard work. We are pleased to report that as a result the sale of our current headquarters and another property of the extraordinary dedication of our colleagues throughout offset by charges totaling $0.27 per share for staff reduction the Company, we have achieved important milestones in our expenses and costs associated with an accounting change. three major growth initiatives: We also incurred expenses of $0.15 per share for stock-based • Expanding our portfolio of multimedia properties to compensation as a result of adopting a new accounting reinforce market leadership. standard. These items are described fully in our Form 10-K. • Creating products to attract new audiences and advertisers, Increasing Shareholder Value extend our geographic reach and bring together people with Last year presented challenges for all media organizations and common interests. The New York Times Company in particular as we saw our • Transforming our content and our advertising sales efforts share price decline significantly. It is difficult to determine to better serve our readers, viewers, listeners and advertisers. exactly why any one stock moves up or down, but what was clear in 2005 is that newspapers in smaller markets outper- formed those in metropolitan areas, where national advertising makes up a greater percentage of the advertising mix. About 45% of our newspapers’ ad revenues came from national advertising compared with 16% for the industry overall. This year we will commemorate our 155th year of opera- tion, and since the Times Company went public more than 35 years ago, we have experienced many market cycles. We remain confident in our ability to improve our businesses, maintain our cost discipline and increase our revenues. Moreover, we are committed to expanding our margins and growing our earnings, thereby increasing shareholder value. Despite a difficult advertising environment, we have continued to increase our dividend annually. Last April, we raised it 6.5% and, over the last five years, we have grown our dividend by a compound annual growth rate of 8%. Additionally, from 1997 through 2004, we were aggressive buyers of our stock and repurchased nearly one quarter of the shares outstanding. With the construction of 112022_Platforms_R5 2/28/06 5:06 PM Page 4 2 Next Generation of Leadership: We moved a series of executives into new leadership roles to tackle our journalistic and business challenges. They are using their broad-based responsibilities to improve our editorial content, speak Denise Warren was named We acquired About.com in 2005 senior vice president and chief and named Scott Meyer president to the next generation, expand our presence on the Web, advertising officer for The New and chief executive officer and York Times Media Group and now Andrew Pancer chief operating develop new products, increase revenues, decrease costs directs its combined advertising officer. They are working together and thereby make our Company more competitive. Here staff. This new position reflects the to augment the site’s revenues, cross-platform selling approach that enhance the user experience and are some of these new leaders: we are taking with our businesses. build its worldwide audience. Expanding Our Multiplatform Portfolio of Properties • The Times’s “T”magazines added $10 million in revenues Our strategy’s first initiative – to expand our multiplatform in 2005. The newspaper also launched Thursday Styles, presence – has been bolstered by our acquisition last March of a mid-week cousin of The Times Sunday Styles section, About.com, a leading online provider of consumer information. focusing on fashion, fitness, beauty and lifestyles. This acquisition, which has enabled the Times • TimesSelect, our new fee-based product on NYTimes.com, Company to become the 10th largest presence on the is diversifying our online revenue base by charging non- Internet, has allowed us to achieve scale in key verticals and print subscribers for access to our distinctive columnists demographics through the combined reach and inventory and The Times’s archives. As of mid-February, we had of our Web sites. These sites are serving advertisers with approximately 425,000 TimesSelect subscribers, including comprehensive solutions, including video, display, classified both home-delivery and online-only subscribers. and cost-per-click advertising opportunities. With About.com, NYTimes.com and Boston.com, we • ExploreNewEngland.com, launched by The Boston Globe are now able to offer over a billion monthly page views to the and Boston.com, focuses on travel and entertainment and marketplace, and About’s search engine optimization expertise is a shopping resource for advertisers and consumers. has been helping all our Web sites to increase their traffic • Our Regional Media Group continued to add new weekly markedly. At the same time, About.com is benefiting from the newspapers and magazines in 2005. More new products, Times Company’s expertise in publishing quality content and including online content, are planned for this year. creating innovative advertising solutions. • “PLAY: The New York Times Sports Magazine,” launched We also made broadcast and print acquisitions. on Super Bowl Sunday 2006, provides national advertisers The Broadcast Media Group added another station in with an attractive new audience of sports participants Oklahoma City, KAUT-TV, establishing our first duopoly. and enthusiasts. Our ownership of KFOR and KAUT is enabling us to achieve operating efficiencies and offer advertisers more • The International Herald Tribune is gaining additional and varied ways to reach their audiences in that market. advertising revenues from its recently launched “Books Our 49% interest in Metro Boston, a free daily and Ideas” Saturday section. newspaper, provides a new avenue to reach well-educated young professionals in this market. Establishing Research and Development Capability The Regional Media Group added the North Bay We are building on this momentum by creating a research Business Journal, a weekly publication targeting business leaders and development group that concentrates on new media in California's Sonoma, Napa and Marin counties. ventures such as search, video, mobile technology and e-learning. This initiative is designed to expand the future Developing New Products distribution of our information products and allow us A second initiative of our strategy is bringing print and online to stay ahead of the technological and consumer curve. product innovations to market: 112022_Platforms_R5 2/28/06 5:07 PM Page 5 3 Stu Stoller was named vice Rhonda Brauer, our corporate Jeff Moriarty, who has held key president, process engineering and secretary, assumed the newly created digital positions throughout
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