Times raises newsstand price amid falling profits

Hours after Tribune Co. CEO Sam Zell told reporters at his newspapers that job cuts and content reduction are his only option, New York Times Co. president and CEO Janet Robinson announced during a conference call that the company's second quarter profit dropped 82% from last year, when the company sold its television stations.

Hours after Tribune Co. CEO Sam Zell told reporters at his newspapers that job cuts and content reduction are his only option, New York Times Co. president and CEO Janet Robinson announced that the company's second quarter profit dropped 82% from last year, when the company sold its television stations. Excluding the sale, the Times Co. saw a 5.5% drop. Robinson also told analysts that the New York Times  will raise its daily newsstand price to $1.50, effective Aug. 18, while its Sunday price will stay $4 in New York and $5 in the rest of the country. Robinson also pointed out that the Times saw 2% growth in circulation revenue and a 40% jump from last year in the number of unique online Web  visitors. The newspaper also lost assistant managing editor William Schmidt, who was named editor of the International Herald Tribune. In other bad news for newspapers, EW Scripps announced its second quarter profit fell 48%.

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