Posted on 10/23/2008 4:23:32 PM PDT by VOA
NEW YORK, Oct 23 (Reuters) - Standard & Poor's on Thursday slashed
its ratings on the New York Times Co (NYT.N: Quote, Profile, Research,
Stock Buzz) into junk territory and cited concerns about the
newspaper publisher's revenue outlook, after it posted a
third-quarter loss.
...SNIP...
It cut the Times' rating three notches to "BB-minus,"
three levels below investment grade, from "BBB-minus."
The outlook is negative, indicating an additional cut may
be likely over the next one-to-two years.
(Excerpt) Read more at reuters.com ...
Time to do the Obama thing and euthanize her.
http://online.wsj.com/article/SB122478493122263159.html?mod=yahoo_hs&ru=yahoo
* OCTOBER 23, 2008, 3:46 P.M. ET
N.Y. Times to Review Dividend as Ad Slump Continues
By RUSSELL ADAMS
New York Times Co. said it will consider cutting its dividend as the publisher seeks to free up cash amid accelerating declines in newspaper advertising.
The company revealed its intentions as it reported a 51% decline in net income for the third quarter and said it could write down the value of the Boston Globe and its other New England media properties by as much as $150 million.
Net income was $6.5 million for the quarter, down from $13.4 million in the same period last year. Total revenue declined 8.9% to $687 million.
Also Thursday, Moody’s Investors Service put the company’s debt on review for a downgrade into junk territory in light of a dim outlook for newspaper advertising in 2009 and concerns about future liquidity.
snip
BooooHoooo.
A dividend cut would make it easier for the company to meet its credit metrics, said Moody’s analyst John Puchalla. But such a move also could damage the solidarity of the Ochs-Sulzberger family, which controls New York Times Co. through ownership of a special class of super-voting shares. The dividend pays family members over $25 million annually, an amount that has increased over the years in continuation of a tradition of richly rewarding shareholders at all costs. A cut could reduce some family members’ incentive to hold onto the company.
This is the slowest slow death I’ve ever seen. I’m not an euthanasia enthusiast but put it out of its misery already…geez.
If Obambi wins there will be a government bailout of the NY Times. They will get to “borrow” huge sums of taxpayer money. Pravda outlived the USSR and the NY Times will outlive America as we knew it.
pardon the ping...
just thought y’all might be interested in this snippet from today’s news
Sorry Steve0 but if the election goes the way the MSM wants, there will be no conservative victory for a long time. Lib Dems will run EVERYTHING and the NYTimes will get a breath of fresh air. Off goes talk radio as we know it and it’ll take another thirty years to recover, like after Carter - who’s still a hero to some - like the Nobel dopes.
Joseph Goebels is shedding a tear in his grave.
The rest of the world has known that for decades.
Its gonna be so sweet when Rupert Murdoch buys it.
I guess the government will bail out ailing commie rags next.
Don't give the idiots any ideas.
knew i should have shorted.
BWAHAHAHAHA!
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