Posted on 09/22/2006 3:05:30 AM PDT by Liz
The New York Times warned yesterday that its profit would fall short of Wall Street's expectations as it struggles to keep advertising dollars flowing into the newspaper giant. The latest bad news from the Gray Lady follows similar announcements from Wall Street Journal publisher Dow Jones and Dallas Morning News publisher Belo, as advertiser demand for print publications remains weak. The company has been on a rocky road the past year as a combination of an ad slump and uneven management upset shareholders.
Just last week, Chairman Arthur "Pinch" Sulzberger and his cousin, Vice Chairman Michael Golden, said they would forgo stock bonuses and put more cash into a bonus pool for employees. Earlier this year, proxy watchdog Glass Lewis blasted the Times for giving its top executives exorbitant stock grants.
In after-hours trading the stock tumbled 73 cents, or 2.3 percent, to $22.10. Over the past year, Times shares are down almost 22 percent. Excluding charges for the sale of the Discovery Times Channel and for job cuts, profit is expected to range between 11 cents and 15 cents a share, The Times said.
(Excerpt) Read more at nypost.com ...
Anyone got that tiny violin?
Well...Why is a socialist newspaper worried about money? Maybe Chavez will buy it out.
Weak advertising is a direct result of biased reporting. Guess the New York Times didn't know that conservatives and independents used to read their paper. I'm an independent who got fed up with their biased reporting. Dumped the Times last year.
You don't suppose it could have anything to do with treasonous reporting, do you?
related thread...
http://www.freerepublic.com/focus/f-news/1705892/posts
New York Times Sees Earnings Decline (Dinosaur Media DeatWatch™)
"said they would forgo stock bonuses and put more cash into a bonus pool for employees."
Forgoing stock bonuses doesn't seem like much of a sacrifice. And giving bonuses to employees who are running the company into the ground doesn't seem like a particularly good strategy.
My suggestion is give the money to the stockholders. They might as well squeeze as much cash out of the Grey Hag as they can before it collapses.
I got a call the other day and I'm down here in NC. It was for ordering a subscription to the NYT. I was able to get out asking them why I would want to order that liberal mouthpiece before I burst out laughing.
They're concerned about evil profits?
Time to Punch Pinch out.
gotta love it. NOt enough socialist unAmerican types wanting to read lies and made up crap?
Go the way of the L.A. Herald Examiner, close.
Dontcha mean 'communist newspaper' :)
Thats right and INVENTED, biased news, outright twisting of facts and plagiarism. Gee, I wonder why the ads don't run.
WHAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA !!!!!!!!!!!!!!!!!!!!
Yep, me too. There's still lots to like about the Times... it's still the gold standard of newspapers (I'm talking the arts coverage, the science and tech sections, the non-political international reporting, the crossword, lots of other little things).
But their always-was-liberal coverage has just completely gone off the deep end, to shocking levels. Unacceptable things like not allowing any dissenting letters to the editor on their pet topics -- or if they do, they must be prefaced with, "Well we all know what a fiasco the War on Terror is, but...". William Safire would have never allowed it under his watch.
And the general impression that they are now entirely staffed by and writing for skinny 26-year-old Williamsburg metrosexuals with black-framed glasses who pretend to like gangsta rap, Ethiopian cuisine and anime comics.
Sniffle---I see you're all broke up about it, too---sob.
Heheh----down down down---how low can they go?
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