NEW YORK, United States (AP):

New York Times Company said Monday it bought Baseline Studio Systems for US$35 million (€27.5 million) in cash from Hollywood Media Corp, in a move to diversify its online revenue.

Baseline, an online database and research service for the film and television industries, charges subscribers for access to more than 1.5 million records with various facts, analysis, statistics, news, contacts and trends on the entertainment industry.

The Santa Monica, California-based company is expected to generate about US$6 million (€4.7 million) in revenue in 2006, New York Times said. The deal "supports our plan to build the authoritative online destination for the entertainment consumer and for the industry," New York Times President and Chief Executive Janet L. Robinson said in a statement.

"This is a smart, good move that fits very nicely with the Times' print business," said Edward Atorino, an analyst with The Benchmark Company.

"Their entertainment franchise is one of the best in the publishing business. They're going to try to leverage that to expand their online revenue sources."

The announcement came the same day as Dow Jones & Company, publisher of The Wall Street Journal, said it was reviewing a possible sale of six community newspapers. The Journal reported Dow Jones would use the proceeds to expand its online media presence.

Newspaper publisher Journal Register Company also said Monday it is exploring the possible sale of some of its New England properties to focus on its online operations.

Major newspaper publishing companies have struggled in recent years as advertising dollars - their primary source of revenue - have shifted from print to the web.