New York Times, digital profits exceed paper edition

For the first time ever the profits of the digital edition of the New York Times have beaten those of the paper version: in the quarter that ended in June the "Old Lady in Gray" added 669 thousand new online subscriptions, among 176 thousand of which to other digital products other than news including cooking recipes, crossword puzzles and audio. The New York Times closed the second quarter of the year with a total of 5.7 million digital only subscriptions out of a total of 6.5 million.

"We have shown that it is possible to create a virtuous circle in which investments in quality journalism create an involvement of the public which in turn raises profits by allowing new investments," said Mark Thompson, the outgoing CEO, stressing that the New York Times editorial staff is growing while many other media are seeing shrinking staff. "