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.
wonder what their debt coverage as a percentage of pre debt net income is?
my bank require 20% or better
I hope this rag crashes and burns!
I’d love to see their banks call the notes...LOL
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.
{deep breath...}
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAAAA!!!
Eeyuh...
Makes me glad your on our side...
(Turns collar up)
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”.
Out of the myst they came, the Final 300 FReepersLike retail the papers make their money in the Christmas season. If it gores down the tubes, as expected, so does the Times.
ping
Really? I only play slots that have a secondary game with a possible high jackpot (Elvis, etc.) when I’m somewhere with a casino.
yitbos
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.
did a horrible death NYT..........
Yep I know a guy who actually said it.
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.
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
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