ping
Man, who says there is no happy, upbeat, postive news anymore!!!!!
Every time the Dow climbs the NY Times stock plunges. Hmmmmm.
NooooooOOOOO!!! :)
More good news. Thanks for the post!
YIKES what a losing enterprise you got there, Pinch.
Stick a fork in 'em, they're done.
Good grief. Some of the details are even worst than the headlined plunge in profits. The Times says that some of its losses were associated with job cuts and sale of several subsidiary operations, but get this: "At the New York Times Co., 3Q operating profit was down 48%." So operating profits did even worse than total profits, contrary to the earlier spin.
Also note the figures on expenses for newsprint. They are using 11.1% less newsprint, which I suspect correlates with a similar decrease in circulation.
Also, this: "In the third quarter, the Times Co. repurchased 0.7 million Class A shares at a cost of $15.6 million. Approximately $108.2 million remained at the end of the third quarter from the Company's current share repurchase authorization."
In other words, that dreadful declining chart of the price of NYTimes stock would have been MUCH WORSE if they hadn't been buying back many of the shares that stockholders were unloading.
Of course the stock is worthless, anyway, since it has no voting rights. Only Pinch and his family own any of the voting stock.
It just goes to show you that Communism isn't a very good business model, eh?
Revenues down
Profits down
Loss on sale of stake in Discovery Chanel.
Next, the geniuses in top management will be building a new headquarters building.
Whoa! How can this be? This make it sound like the NYT is a "big business???" Why would all those liberals care about money? Shoot, I'm sure if they made any money they'd just give it all away anyways.
Sinking ship. Even rats know it's time to jump ship.