Posted on 10/23/2008 4:48:51 PM PDT by bamahead
The New York Times Co. reported a steep drop in third-quarter profits on Thursday, the latest gloomy earnings report in an industry battered by online competition and falling print advertising revenue.
The New York Times Co. said net profit fell by 51.4 percent in the third quarter to 6.5 million dollars, or five cents per share, from 13.4 million dollars, or nine cents per share, in the same period a year ago.
The company, which owns About.com, The Boston Globe, International Herald Tribune and 16 other daily newspapers besides the flagship The New York Times, said overall advertising revenue fell by 14.4 percent during the quarter.
Shortly after the release of its results, Standard & Poors said it was lowering the Times's credit rating to "BB-," or junk status, while Moody's Investors Service said it was placing it on review for possible downgrade.
Moody's changed the rating outlook for the company to negative from stable in July. A further downgrade would reduce it to junk status. Both companies said the moves were based on the uncertain outlook for newspaper advertising.
The Times said print advertising revenue fell by 18.5 percent in the third quarter while online revenue from NYTimes.com and other websites rose by 2.5 percent.
"The decline in print advertising revenues this quarter accelerated as the economy slowed," New York Times chief executive Janet Robinson said in a statement.
It said total revenue fell 8.9 percent in the quarter to 687 million dollars from 754.4 million in the same quarter last year.
The company said it managed to reduce operating costs by 6.8 percent during the quarter and "given the adverse economic conditions, we will continue our strict cost discipline."
(Excerpt) Read more at breitbart.com ...
Just die already.
Should come as no surprise.
I’m very pleased.
I haven’t read it in three years. I wrote a letter to Arthur Sulzberger about the constant Bush bashing back in 2005, and he wrote me back immediately. Didn’t change the content though.
Bush’s fault
1) Bet against this stock
2) call your 401K manager, demand to divest, with threat of selling all. Then do it.
Karma is a *****
I bet the reason they’ve stuck with Pinch so long is because, as dumb as he is, he’s still the smartest one in the Sulzberger family.
I wonder if they have downgraded the parent company of the NY Times, Pravda?
“The New York Times Co. said net profit fell by 51.4 percent in the third quarter to 6.5 million dollars ....”
Just drop $6.6 million more & the world will be a better place.
If ever there were proof of the hand of The Almighty God, this is a marvelous piece of it.
great news
a lot of the msm is going down
then the dems can silence rush et al
and the only way people can get informatin is from the freerepublic
LOL...We always said it was junk.
“...then the dems can silence rush et al...”
Rush, Hannity, Savage et al should buy their own satellite or cable channel. They would not be regulated by the Left then.
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