New York Times unloads its portion of Indeed

All eyes were on the New York Times’ financial results last week, as the national newspaper announced sliding revenue due to print ad declines.

Total revenues decreased 3.6 percent to $566.5 million from $587.9 million. The publisher’s operating profit came in at $31.1 million for the quarter, compared with $52.7 million in the same period of 2010.

But there was a bright spot. The Times has been capitalizing on digital advertising, reporting an increase of 4.5 percent. NYT apparently sold a portion of its stake in job listing aggregator, which netted the newspaper $5.9 million.

The Times invested in Indeed back in 2005, when the Times Company, Union Square Ventures and Allen & Company, LLC announced a $5 million investment for a minority interest.

“We are pleased to join Union Square Ventures and Allen & Company in backing Indeed, an innovative new firm that provides compelling job search capabilities to Internet users,” Martin Nisenholtz, senior vice president, digital operations, said at the time of the investment. “The Times Company has strong help-wanted franchises in print and online, and we believe it is important to invest in new technologies and services in this advertising category.”

Excluding the sale, adjusted EPS was 2 cents per share in line with analysts average estimate.


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