Dear Dad,
The family fortune is almost gone. Please send more money.
Love, Pinch
P.S. It's Bush's fault.
Posted on 07/23/2008 8:16:25 AM PDT by LdSentinal
The New York Times (NYT: 13.07, +0.21, +1.63%) fell as low as $12.38 this morning after its second quarter earnings missed estimates. Profits plunged 82% to $21 mn versus the $118 mn posted in the same period a year ago, a period that was helped along by the one-time sale of an asset.
The share plunge is the lowest since July 1995.
Print ads dollars at the Times continue to shrivel, sending operating income in a nosedive, as ad dollars continued their inexorable march toward the Internet. Hotels, automakers, airlines, all hurt by high energy prices, have pulled back sharply.
Meanwhile, in news on another front, New York City mayor Michael Bloomberg and Bill Gates, philanthropist and legendary co-founder of software giant Microsoft (MSFT: 26.53, +0.73, +2.82%) have announced they plan to hold a press conference at the TimesCenter, run by the New York Times, to make an announcement today. In the past, Gates through his foundation has given tens of millions of dollars to help fix New York City schools.
Now if only the Times was on the list of the philanthropist’s handouts, as ad dollars continue to plunge at the paper. The Times is hoping against hope that its mix of assets, including The Boston Globe, the International Herald Tribune, About.com, regional newspapers and a classical music radio station in New York can pull it out of its corkscrew dive south. Stay tuned.
It appears that one of the main reasons the Slimes continues to operate is via the mutual funds which keep buying and holding their shares.
The funds which represent the S&P 500 have to own this miserable stock.
The other fund managers are Enronning their share holders to keep this pos stock afloat.
http://finance.yahoo.com/q/mh?s=NYT
Someone who owns or has owned shares of these mutual funds for the Slimes might want to let SEC know your frustration.
I didn’t realize they were in the S&P 500. They won’t be for much longer, I suspect. When they fall off that index, their shares will really take a licking.
A very good idea. Any fund manager who foists this stock upon his investors, is guilty of Enronning his investment base. (I heard that from a very good friend and its worth repeating)
Isn’t it great to use “Enronning” as a club against the struggling fishwraps and the other dying members of the MSM.
Whack! Take that you rotten Enronning Bastards!
Isn’t it great to use “Enronning” as a club against the struggling fishwraps and the other dying members of the MSM.
Whack! Take that you rotten Enronning Bastards!
Yeah, you nailed it. It is SO MUCH fun to force feed them their own medicine.
S&P may cut New York Times on revenue decline
By Sue Chang
Last update: 5:21 p.m. EDT July 23, 2008
SAN FRANCISCO (MarketWatch) — Standard & Poor’s Ratings Services on Wednesday placed The New York Times Co.’s (NYT) ratings, including the BBB- corporate credit rating, on CreditWatch with negative implications. “The CreditWatch listing reflects an accelerating pace of total revenue decline and a rate of decline in EBITDA in the first half of 2008 that indicates the company may have difficulty achieving our expectations for the current rating,” said Emile Courtney, an S&P credit analysts.
http://boston.bizjournals.com/boston/stories/2008/07/21/daily28.html?ana=yfcpc
Wednesday, July 23, 2008 - 10:20 AM EDT
Boston Globe hit hard by ad revenue slide
Boston Business Journal - by Tim McLaughlin Boston Business Journal
Second-quarter revenue at the New York Times Co.’s Boston Globe-led New England Media Group fell 9.8 percent as advertisers continue to slash their budgets, the newspaper publisher said Wednesday.
Ad revenue continues to tumble at newspapers throughout the country, but the Boston Globe has been hit especially hard.
The New England Media Group’s second-quarter ad revenue declined 15.1 percent to $85.15 million, compared with the year-earlier period.
In a statement, New York Times Co. CEO Janet L. Robinson said print advertising continued to soften in the quarter, particularly among classified ads. But circulation revenue at the overall company rose 2.5 percent to a second-quarter record of $224 million.
“Continuing our digital transition, online revenues increased about 13 percent as a result of strong display advertising, which benefited from the new digital ad formats we introduced,” Robinson said in the earning release.
Overall, the New York Times Co. reported a 6 percent slide in total revenue, falling to $741.9 million in the second quarter. Net income plunged 82.1 percent to $21.1 million at the company. In the year-ago quarter, the company had a one-time, $94.33 million gain from an asset sale.
On a more comparable basis, the New York Times’ operating profit was $40.26 million in the second quarter, compared with $43.32 million in the year-earlier period, the company said.
In the month of June, New England Media Group’s ad revenue fell 16.6 percent. National ad revenue was lower mainly because of decreases in studio entertainment, travel, packaged goods/pharmaceutical, banking and financial services advertising, the company said. Retail advertising revenue decreased primarily due to weakness in the department store, home improvement, food/drug and furniture/home furnishing categories. Classified advertising revenues decreased due to continued softness in help-wanted, real estate and automotive advertising, the company said.
Good! I wish I could say they are the most unAmerican news media in the country - unfortunately there’s competition. But the NYT dying would make my year.
They deserve all the failure in the world for their communist-pushing agenda.
.......I am reliably told the smiling hyena shown in this pic is called by his packmates “Grampa Dave.” .....
when he was just a pup and hung out with buzzards.
Are we buzzards?
FReeper 'abb' (left) and 'Milhous' discuss the latest McClatchy financial reports.
we can try to understand the New York Times affect on man....uh uh uh uh stayin’ alive stayin’ alive
so 70s I know but the uhs kind of give it an Obama spin :)
Not bad but no cigars until the power company turns off the electricity...
BTTT
It was only about 5-6 years ago when, during a NYT editorial board meeting, one of the attendees said, "Three of the five of us are gay men. Do you realize that the power behind the world's greatest newspaper is in the hands of a board that is majority homosexual?"
The f-gs might've had control for a couple of years, but looking ahead, the New York Times won't even be New York's greatest newspaper.
Serves those leftist, Commie-loving, socialist, immoral b-stards right.
“.....t is clear that there is an inherent bias in New York Times reporting “
IMHO, a shareholder might, under some circumstance, have a negligence claim against the Board, for failure to provide adequate editorial oversight with adverse consequences to the bottom line.
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