Times Will Raise Newsstand Price to $1.50
via newseum.org
Going Up
Arthur Sulzberger, Jr. and Janet Robinson reported grim second-quarter results today—ad revenue down another 10 percent versus the second quarter last year, net income down to $21 million versus the $118 million they made this quarter last year—and just dropped a small bombshell:
"We plan to increase the daily newsstand price of the Times from $1.25 to $1.50," said Ms. Robinson on a conference call with investors this morning. It goes into effect on August 18.
The paper last raised newsstand prices last July.
Howell Raines in the May 04 Atlantic:
"That specter was in the air when Arthur invited the Viacom president and broadcasting buccaneer Mel Karmazin to address one of our annual meetings of the business and editorial staffs. After hearing a quick explanation of our financial structure, Karmazin was asked what he would do if he owned The New York Times. Without missing a beat he said, "Sell it." Karmazin was speaking as a moneyman. He saw a prestige brand that seemed to be at or near its peak value and to be facing an uncertain future."
Paying to more to get less!
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