NY Times Lost $74 Million During First Quarter
April 21, 2009, 9:43 a.m.
The NY Times Company, which has been trying to slash costs
The NY Times Company, which has been trying to slash costs and taking loans on its building and from a Mexican billionaire, announced a first-quarter loss of $74.5 million today. The Times reports this "compare[s] with a loss of $335,000 in the period a year ago, as it joined the roster of newspaper companies recording the steepest advertising declines in generations." Advertising revenue dropped 28% (including online advertising drop of 8%), but the "worst drop, 31.4%, hit the New England Media Group, which consists primarily of The Boston Globe and its site, Boston.com. The company has told unions at The Globe that the paper is on track to lose $85 million this year, and that unless deep cuts are made, the paper will be sold or closed." The fate of the Boston Globe has prompted Senate John Kerry (D-Mass) to hold Senate hearings about the newspaper industry next month. Update: Henry Blodget thinks the Times will run out of cash in 12 months. Photo: wallyg on Flickr
