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Memo to Gay Pinch, "Please, keep on lying and poing more subscribers and advertisers!"
Posted on 10/23/2008 8:10:29 AM PDT by abb
Boston Globe-owner The New York Times Co. said Thursday that profit for the quarter ended Sept. 30 was $10 million compared to $28.1 million for the year-ago quarter.
The Times company’s revenue fell 8.9 percent to $687 million, from $754.4 million. Advertising revenue decreased 14.4 percent; circulation revenue increased 1 percent; and other revenue declined 4.2 percent.
New England Media Group advertising revenue, at $74 million, was off 19 percent compared to the year-ago quarter. For the first nine months of the year, New England Media Group advertising is off 17 percent compared to the first nine months of 2007. Circulation revenue for the three months ended Sept. 30 was $38.7 million, down 2.4 percent compared to the year-ago quarter.
Of particular local significance, the Times (NYSE: NYT) said it is “testing the assets of its New England Media Group for impairment.” That could mean the Times will write down the value for the group, which includes the The Boston Globe.
The Times said in a news release that the impairment could fall between $100 million and $150 million. “The impairment charge reflects the decrease in print advertising revenues stemming from the secular changes in the media industry,” CEO Janet L. Robinson said in a prepared statement. “It does not however, affect our cash flow or our long-term strategy of becoming an increasingly digital organization.”
She added: “The decline in print advertising revenues this quarter accelerated as the economy slowed” Web traffic to the Times Internet holdings, including About.com as well as the New York Times and Boston Globe homepages, during the period increased 15 percent compared to a year ago, she said.
Online revenue accounts for 12.4 percent of Times Co. revenue, she said.
Robinson said the company will continue to watch costs aggressively but did not specify areas for cutting, other than capital costs.
The company will “review our dividend policy,” she said. Extending beyond the third quarter reporting period, Robinson said that to date in October, “print advertising revenue declines are similar to those in September but we are seeing slowing in digital advertising revenues, mainly because of less display advertising.”
ping
Wow, finally some good news about the radical, liberal, socialist left.....makes my day....
Not to worry, The Dems and Obamugabe will bail them out..............
Code words for "The decline in profit is because people are waking up."
http://www.reuters.com/article/marketsNews/idINN2339808720081023?rpc=44
New York Times posts loss, eyes debt reduction
http://biz.yahoo.com/ap/081023/earns_new_york_times.html?.v=3
NY Times 3Q profits down 51 pct, beats estimates
http://www.cnbc.com/id/27337332/site/14081545?__source=yahoo|headline|quote|text|&par=yahoo
The Newspaper Industry’s Latest Challenges
New York Times Co. to take non-cash charge
Reported profit drops 51%; print revenue still diving, online ad sales slowing
http://www.smartmoney.com/breaking-news/on/?story=ON-20081023-000694-0933&afl=yahoo
New York Times Cutting Costs Amid Ad Slump
I hope no one on this board actually pays for the New York Times or the La Times. Let them die!
Try another front page Palin smear. Bet that’ll sell some papers.
Great news - couldn’t happen to a better bunch of commies!
Doesn’t Murdoch want to buy the thing?
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Memo to Gay Pinch, "Please, keep on lying and poing more subscribers and advertisers!"
If Rupert waits a little while, he’ll be able to get it for free.
Don’t get all excited, folks. Just means dumbed-down America is getting more news from television. Including the View, Oprah, Springer, MTV, Ellen Degenerate And younger people use internet. Bad news is that news is becoming more centralized with local newspapers becoming extinct. And no I do not read any newspaper.
As much as I detest NYT, not much to cheer about. Do not delude yourself into thinking that people are spurning NYT and Boston Globe because of its leftist propaganda. Wish it were so.
Rahoo doray! How many more 10% quarterly losses can the absorb? Die NYT, die!
The stock at under $11 is back where it was in 1994/1995 — seems they really do have nostalgia for the Clinton years at NYT.
It’s his liberal Chinese wife who may keep it quite liberal. Especially if 0 wins. Vanity Fair quoted him as saying he would like 0 to win because he’d “sell more newspapers”.
I hope so! I would actually celebrate with a party and all!!!............Gray Lady Down Party!!!!!..........(submarine lingo)......
I fear this is too late. If Obama gets in office, the government (taxpayers) will fund the NY Times.
AWESOME!!
“The stock at under $11 is back where it was in 1994/1995 — seems they really do have nostalgia for the Clinton years at NYT.”
They keep using the Dixie Chick Marketing strategy used by so many MSM mediots, poing 50% of their potential audience with their lies and bs.
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