Profit and revenue down at New York Times Co.

The New York Times Co., owner of The Boston Globe, reported today that third-quarter earnings fell 39 percent to $14 million as revenue fell 2.4 percent to $739.6 million.

Revenue at the New England Media Group, which includes the Globe and the Worcester Telegram & Gazette, declined 8.9 percent as advertising revenue dropped 12.4 percent, the Times company said.

"Our third-quarter results reflect the continued weakness in the print advertising marketplace," Janet L. Robinson, the company's president and chief executive, said in a statement.

The newspaper industry is struggling as readers and advertising dollars migrate to the Internet. The Eastern Massachusetts market is especially challenging because of high Internet use in the region, stagnant population growth, and a consolidation in the department store industry; traditionally, department stores have been big customers of newspaper advertising.

On the New York Stock Exchange yesterday, shares of Times stock closed at $23.25, down 35 cents.
(By Chris Reidy, Globe staff)