One Year In, New Owners Have Barely Scratched The Surface With

A lot has changed since local owners acquired the Philadelphia papers and from McClatchy last year for about $562 million but the online revenue numbers aren’t hitting hoped-for heights yet. When Philadelphia Media Holdings took over, the Philadelphia Inquirer reported that the accounted for about $20 million, or 5 percent, of the company’s 2005 revenue, with 2006 ad revenue running about 30 percent ahead. Fast forward a year and CEO Brian Tierney tells AP that the online ventures still account for 5 percent of the revenue — about $25 million in annualized revenue — and about 20 percent of the profit. Based on the web ops of some other major papers make, Tierney said, with 30 million monthly page views, should have revenue of $45 million. That would be the mission of recently arrived president Eric Grilly, whose switch from larger MediaNews Group is perceived as a coup for Tierney.

One switch implemented before he arrived: dropped for Monster, which parlayed that first newspaper deal into a series of agreements. The online job company has said traffic to’s career page rose 25 percent. Tierney added a little more on in an interview with the Daily News: “Online, I think our online business should double. That’s why we brought in the best of the business in [new president of] Eric Grilly. … We haven’t begun to scratch the surface of what can be on its own and what can the Daily News be on”