'And we don't think it's likely we're going to go back from this moment,' New York Times Co. CEO Mark Thompson told CNBC.
"And we don't think it's likely we're going to go back from this moment," Thompson said on CNBC'sThe Times reported $185.5 million in revenues from digital subscriptions and advertisements, compared with $175.4 million in revenues from print subscriptions and advertisements. In the year-ago quarter, the company reported $220.56 million in print subscription and ad revenues and $170.66 million in digital subscription and ad revenues.
The Times reported a 7.5% decline in overall year-over-year revenues as advertising sales tumbled 43.9% in the quarter due to the coronavirus pandemic. However, revenues from digital advertising checked in at $39.5 million, or 58.3% of its total ad sales. That's up from 48.1% of total sales in the same quarter last year.
The Times, and the media industry in general, has needed to overcome declining print newspaper circulation in recent years by harnessing the expanded reach of the internet into a formidable business operation.
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