Attention journalism fans: The New York Times Co. actually made money last year. And that's even before everyone started refreshing nytimes.com every five minutes in hopes the "bombshell" Paterson story would drop. The Times reports that a slight fourth quarter uptick allowed the company to turn a "modest profit" of $19.9 million in 2009, after losing $57.8 million in 2008.
A number of factors contributed to the turn of the paper's seemingly dismal fortunes, allowing earnings to increase to 61 cents per share from 19 cents per share earlier in the year. While revenue produced by print ads continued to fall—though less steeply than before—web ad revenue increased, and now accounts for 23 percent of the company's total advertising revenue, according to WCBS. At the same time, the paper sold off some holdings, reduced its debt and pension obligations, cut operating costs drastically, and saved about $20 million after "bitter contract talks" with the Boston Globe.
So what's going to happen when the paper builds its controversial paywall?
