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.”
They are hoping O wins and then they will go to him for a bail-out. It will be stylized as re-imbursement to the NYT for advertising via “news stories and editorials.”
Their only real asset is the building.
http://www.ft.com/cms/s/0/fafb52ee-a084-11dd-80a0-000077b07658.html?nclick_check=1
Tribune considers purchase of local rival
By Julie MacIntosh in New York
Published: October 22 2008 23:39 | Last updated: October 22 2008 23:39
Tribune Company is considering whether it can buy the Orange County Register and fuse it with its flagship Los Angeles Times to consolidate the Los Angeles newspaper market, as owner Samuel Zell scrambles to find ways to save the debt-swamped newspaper company.
Even if the NY Times fails, it won't be disappointment for them. They will have lost the battle but won the war. They have been a part of the destruction of America for decades and will probably survive just long enough to see Obama and the fascists take power.
But, earlier this week, they were glad that, due to more free content, the online site had a 40% increase in visitors!
:-) Yeah, I would love to see these two trends contine!
This should be a Harvard business case study: What always happens when you promote leftists into management positions.
No, they aren’t getting it from television.
Network news numbers greatly decreased from last year to this year, as per the Drudge Report this week.
They sure are, and the want him to reinstate the Fairness Doctrine. Which will not only kill talk radio, but the “New Media” as well. The Dinosaur Media can't compete anymore either, this is why they're so in the tank for him...It'll be win win for the Left if this happens.
HA!! Couldn’t happen to a better newspaper!!!
Good news? A 64% earnings slide is great news!
I have a fear that we are about to promote a leftist to President. You won't need a Harvard business case study to determine the results if that happens.
Under the Obama administration, the NY Slimes will become the “Official” newspaper of the U.S. and you and I will be forced to purchase it, probably by a new “media” tax. We will also be required to contribute, through our taxes, to NBC, MSDNC and CNN. These networks will join PBS in taxpayer funding support.
Those who fail to make these payments will be sent to re-education camps.
getting closer to zero. Maybe next year.
Is that Pinch with the black eye? Unhappy looking fellow. What did he do punch himself in the face in a fit of rage over his certain demise?
“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.”
Unfortunately (or fortunately) a lot of people under the age of 30 today do not like to pay for their media. They don’t feel they should have to pay for thing music or news. It should be FREE, FREE, FREE!
So 50% of their market won’t pay for the NYT’s because it’s crap. The other 50% (their market) don’t want to pay for anything.
Ah....sweet, sweet schadenfreude
I like to think that cancelling my subscription had a small part in this.....F**k the NY Times!
If they offer me a free trial I will sign up just so I can cancel them in anger.
“So 50% of their market won’t pay for the NYT’s because it’s crap. The other 50% (their market) don’t want to pay for anything.
Ah....sweet, sweet schadenfreude!”
Yes indeed.
That is Pinch with the black eye.
Now I will do a NY Slimes type of opeding/reporting:
“Pinch got his black eye while in the NY Slimes Gay Hot Tub when he demanded to be on top!”
“I hope no one on this board actually pays for the New York Times or the La Times. Let them die!”
If they own mutual funds, they could be financing these losers.
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