Good news for Warren Buffett: It turns out the newspaper industry isn't dead after all -- or at least not all newspapers.
The series of small-town newspapers that the Berkshire Hathaway chairman bought last year may still be struggling a bit, but up in New York City, The New York Times just reported a totally boffo quarter.
Average daily circulation for Monday-to-Friday editions of the Old Gray Lady, including both print and digital subscriptions, came to 1,865,318 over the past six months, said the paper. The Sunday Times notched 2,322,429 subscribers. Respectively, these numbers show 18% subscriber growth, and 16%, against the year-previous period.
Now the "bad" news: Paper-pulp publication numbers continue to plunge. Literally all of the growth that NYT experienced was in digital subscriptions. In contrast, print subs declined 6.2% for the daily paper, and 0.9% for the Sunday edition.
Shares of the paper's publisher, The New York Times Company , fell 0.1% on today's news, closing at $8.86..
The article New York Times Reports Circulation Gains originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Berkshire Hathaway. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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