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NY Times in trouble: advertising down 16%, may struggle to service debt
The Inquisitr ^ | October 24, 2008 | Henry Blogdet

Posted on 10/24/2008 12:56:29 AM PDT by 2ndDivisionVet

The New York Times released their 3rd quarter results today, adding to the doom and gloom in the newspaper market with declining advertising and debt issues.

The company reported 3rd quarter net income of $6.5 million, compared to $13.4 million for the same period last year.

Advertising declined 16% in the quarter after reporting an 11% fall for the first half of the year. Print advertising took the biggest hit with an 18.3% fall for the quarter, with classified advertising down 28%. Online advertising was up 10.2% off an increase of 16% at about.com, but the online gains were not enough to offset the decline in print, with online advertising making up 12.4% of advertising revenue for the company, but up from 10.6% for the same time last year.

The bright news is that the decline in advertising slowed in September, hitting 14.1% for the month vs 15.9% August and nearly 18% in July.

The NY Times’ exposure to debt may cause serious issues for the company, with Moody’s Investor Service placing the company on review, the first step towards a downgrade of NY Times’ debt status to what the WSJ referred to as “junk territory.” The company confirmed issues with servicing their existing debt of $1.1 billion with only $46 million cash at hand.


TOPICS: Business/Economy; Culture/Society; Extended News; News/Current Events; Politics/Elections; US: New York
KEYWORDS: antiamericanleft; dinosaurmedia; drivebymedia; leftwingconspiracy; media; msm; newspapers; newyorktimes; nytimes; propagandawingofdnc
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I love a happy, human-interest story, don't you?
1 posted on 10/24/2008 12:56:29 AM PDT by 2ndDivisionVet
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To: 2ndDivisionVet

wonder what their debt coverage as a percentage of pre debt net income is?

my bank require 20% or better


2 posted on 10/24/2008 12:58:54 AM PDT by wardaddy (McCain is hanging by his own campaign finance reform petard as we speak)
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To: 2ndDivisionVet

I hope this rag crashes and burns!


3 posted on 10/24/2008 12:59:16 AM PDT by teletech (Friends don't let friends vote DemocRAT)
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To: wardaddy

I’d love to see their banks call the notes...LOL


4 posted on 10/24/2008 12:59:37 AM PDT by 2ndDivisionVet (Barack Obama: In Error and arrogant -- he's errogant!)
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To: 2ndDivisionVet
Sure do.


5 posted on 10/24/2008 12:59:57 AM PDT by Straight Vermonter (Posting from deep behind the Maple Curtain)
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To: 2ndDivisionVet

You know what’ll bring their readership back up? More alleged McCain affair stories. Also, some Cindy McCain drug rehash exposes would probably be helpful.

And nothing will bring readers back like McCain-Illuminati/Daughter not from Bangladesh actually child of black prostitute stories.


6 posted on 10/24/2008 1:00:30 AM PDT by exist
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To: 2ndDivisionVet
BWAAAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAAA!

{deep breath...}

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAAAA!!!

7 posted on 10/24/2008 1:01:31 AM PDT by Allegra (NO giving up, NO quitting, NO doom and gloom, NO drama queens...Keep up the faith)
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To: Allegra

Eeyuh...

Makes me glad your on our side...

(Turns collar up)


8 posted on 10/24/2008 1:06:36 AM PDT by Fichori (I believe in a Woman's right to choose, even if she hasn't been born yet.)
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To: 2ndDivisionVet

No doubt vet. The socialsis are not too good at turning a profit are they. They seem to measure success by who loses the least. Kind of like the casino gamblers who like blackjack because “my money lasts longer”.


9 posted on 10/24/2008 1:06:47 AM PDT by screaminsunshine
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To: 2ndDivisionVet
The New York Times is gasping it's last breath.  Adios you filthy rag.

So sorry you won't be here to propagandize the presidential race in 2012.


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10 posted on 10/24/2008 1:10:51 AM PDT by DoughtyOne (Is Obamanation what our founding fathers, our fallen men in combat, and Ronald Reagan had in mind?)
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To: 2ndDivisionVet

Like retail the papers make their money in the Christmas season. If it gores down the tubes, as expected, so does the Times.


11 posted on 10/24/2008 1:11:55 AM PDT by Lucius Cornelius Sulla (White Trash for Sarah!)
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To: buckrodgers

ping


12 posted on 10/24/2008 1:12:06 AM PDT by Straight Vermonter (Posting from deep behind the Maple Curtain)
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To: 2ndDivisionVet

Schadenfreude!


13 posted on 10/24/2008 1:14:30 AM PDT by StAnDeliver (Schadenfreude!)
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To: screaminsunshine

Really? I only play slots that have a secondary game with a possible high jackpot (Elvis, etc.) when I’m somewhere with a casino.


14 posted on 10/24/2008 1:16:40 AM PDT by 2ndDivisionVet (Barack Obama: In Error and arrogant -- he's errogant!)
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To: 2ndDivisionVet
Circulation!! No mention of decline in circulation.

yitbos

15 posted on 10/24/2008 1:19:01 AM PDT by bruinbirdman (GET OUT THE VOTE !!!!)
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To: 2ndDivisionVet

The NYT is so vulnerable. Now is the time for payback for all their bias. We could take them out permanently by boycotting their advertisers. Make demands on the NYT to end the bias and hire equal number of conservative journalist.


16 posted on 10/24/2008 1:21:30 AM PDT by avant_garde
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To: exist
nothing can beat their fashion lectures to Sarah Palin....

did a horrible death NYT..........

17 posted on 10/24/2008 1:22:27 AM PDT by cherry (Lord, help us.......)
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To: 2ndDivisionVet

Yep I know a guy who actually said it.


18 posted on 10/24/2008 1:30:33 AM PDT by screaminsunshine
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To: 2ndDivisionVet

Great news BUMP!

Why won’t the NY Times just hurry up and die?
That pack of sick scumbags has done enough damage to my country, thank you.

C’mon NY Times.
Die.


19 posted on 10/24/2008 1:31:54 AM PDT by Lancey Howard
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To: exist

Not to forget the news breaking front page coverage of the Palin wardrobe scandal. That is most certainly ‘News that’s fit to print’. /s


20 posted on 10/24/2008 1:35:47 AM PDT by TCats
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