Thursday, October 15, 2015
Washington Times makes first profit . . . after 33 years!
Newspapers are having financial problems all over this nation. But the conservative Washington Times, competing against the heralded Washington Post, ended the worse one of all.
After 33 years and far beyond $1 billion in losses, the Times posted its first profitable month EVER in September. The Times credits a leaner multimedia company with diverse revenue streams and a growing national audience.
No one was happier than President and CEO Larry Beasley who popped the champagne in the company ballroom. Under his watch, the Times went from losing more than $2 million a month at the end of 2012 to profitability in less than three years, while more than doubling its Web audience to become the 17th largest newspaper online, according to the Pew Research Center.
Cutbacks, job losses and “newspaper death watches” have been the norm since 2009 as the Internet became a profound game-changer in the news business.
Operations Holdings is the newspaper’s parent company.