Craig Douglas
Managing Editor, Online Research- Boston Business Journal
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John Henry, owner of the Boston Red Sox and Boston Globe, said Wednesday the newspaper company plans to hire a new chief operating officer as it looks to rebalance its operations with additional revenue, products and talent tailored to an increasingly mobile and digitally savvy readership.
Speaking at a Greater Boston Chamber of Commerce event at the Mandarin Oriental hotel in Boston, Henry touched on a range of topics concerning his influential holdings in the Bay State, namely the Sox and the Globe. He said both operations require his so-called “three pillars to success” — hard work, top talent and good fortune — to survive and thrive with audiences and their evolving demands for content, whether it be news, sports or entertainment.
Henry said revenue growth is paramount to the Globe’s long-term survival, as is a commitment to strong journalism with a laser focus on news and events specific to Greater Boston. Henry promised to build a news organization that “is different” from its industry peers, promising that any mistakes along the way will be made “in the pursuit of excellence.”
This year, advertising revenue at the Globe and its affiliated properties, including the Worcester Telegram Gazette, is expected to fall to $160 million, off roughly $23 million since 2012, while circulation and subscription revenue is expected to slip to $151.7 million, a 3 percent decline from 2012.
The media group’s total revenue this year is expected to drop about 2 percent to $363.8 million, according to financial documents. That forecast was made before Henry acquired the company, and it does not account for his stated goal to sell the TG this year. The TG is expected to book about $22 million in revenue this year.
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