Skip to comments.The New York Times Company Lost $39.7 Million In 2011 (Dinosaur Media DeathWatch™)
Posted on 02/02/2012 8:34:01 AM PST by abb
The New York Times Company reported its Q4 earnings today, and they lost $39.7 million in 2011, or 27 cents a share, after making $107.7 million in 2010.
Q4 profit is down 12.2% y/y thanks to the continuing decline of print advertising and a 67.4% decline in the About Group's operating profit, which also saw a 25.7% decrease in quarterly ad revenues y/y.
The NYT also missed analysts' estimates quarterly net income of 39 cents a share was lower than expectations of 42 cents a share. The fourth quarter income also reflects a $4.5 million payout to departed CEO Janet Robinson, and $7.9 million in severance costs, up from $4.7 in Q4 2010.
(Excerpt) Read more at finance.yahoo.com ...
In case you missed it, there are other problems for the First Family at Happy Hollow. Among other things:
Less than three years after the New York Times Co. was forced to slash its dividend to save cash, members of the papers founding family pressured management to restore the rich payout.
Members of the Ochs Sulzberger clan are reportedly unhappy that the once-mighty and now struggling company has not been able to dole out the dividend, which was a major source of income for the family whose trust controls the company through a dual-class share structure.
Some family members had put pressure on Chairman Arthur Pinch Sulzberger, Jr. and recently ousted CEO Janet Robinson to reinstate the dividend, according to a new report.
Seems like granny passed away last February and that triggered a boatload of estate taxes. Thus, the need for even more filthy lucre.
Not to worry, however. At least the money-losing side of the business, their Internet site, is growing. Maybe they can eventually make things up in volume eventually, providing they don't go broke first.
Bravely climbing to the top of the highest mast to wave the liberal flag from a sinking ship. Bon Voyage!
The Dinosaur media has the worst possible business model of all time. Basically it is the Jim Jones cult model of group control. The Chicago Trib spends its time looking for racists who can only be white, the same as its declining readership.
What would be great if a Mexican brought it and turned it into a Spanish language luchadores fanzine.
Still yet another reason to kick Zero out of office. Get him out before he thinks of a way to spend tax dollars to prop up the media.
I don’t understand how these large companies “lose” money yet keep on going. If I have $100 at the beginning of the year and I’m $10 in the hole at the end of they year, how do I keep my doors open? These big builders and car makers have been posting losses for years.
Thank you Nelson.
In the case of The NY Times, they’ve been liquidating assets to keep the doors open. Selling TV stations, other newspapers, etc.
In 1997, the book value was $1.73 billion. Today, it is $593 million.
“Book value” is the value at which an asset is carried on a balance sheet. It is the total value of the company’s assets that shareholders would theoretically receive if a company were liquidated.
Media General to face debt crunch within weeks
Rick Edmonds by Rick Edmonds Published Jan. 26, 2012 5:01 pm Updated Jan. 26, 2012 5:40 pm
On Thursday, Media General publisher of the Richmond Times-Dispatch and the Tampa Tribune reported a net loss for the fourth quarter of 2011 and for the full year.
That was not the really bad news, however.
Management announced that it is uncomfortable with its ability to remain in compliance with the terms of its loans, which are tightening each quarter of 2012.
In a conference call with analysts, CFO James Woodward said the company is working with advisers to get out of trouble. It hopes to have a proposal within two weeks to renegotiate the terms of the loans and/or extend their maturity date (currently March 2013).
CEO and President Marshall Morton added that the company would consider possible asset sales of a newspaper property or a local TV station as part of a longer term resolution of the debt issue.
They've been spinning off newspapers and TV stations for years. They sacked 165 employees a couple of months ago. They're flagship properties are losing money even though they are in the middle of an election. Now they are working under a deadline to renegotiate their debt within the next two weeks.
Doesn't sound like they're very much longer for this world.
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