New York Times Reports 4Q Loss of $648M
By: Pam On: Jan/31/07 - 3 Comments
The New York Times Co. posted a $648 million loss for the fourth quarter on Wednesday as it absorbed an $814.4 million charge to write down the value of its struggling New England properties, The Boston Globe and the Worcester Telegram & Gazette.
The company said the non-cash charge reflected declines in current and projected results at the newspapers, which have been hit hard by the consolidations of key advertisers in the New England area as well as greater competition from online media.
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January 31, 2007 - 11:50 AM on January 31st, 2007
Yep, a sign of the times. Print news is dying a slow painful death, and it’s most obvious seen in the oldest and largest circulation publications. Newspapers generate the great majority of their revenue not from subscription fees, but advertising. As the circulation drops, so does advertising rates.
I use to subscribe to 7-day service from the local Plain Dealer, but now just weekends (for the Friday guide to events/bands/clubs, and Sunday for the coupons and the TV guide). I don’t really need the ‘news’ portions because I know most of the stories printed (and in more detail to those that interest me) from already reading about them online the day before.
February 1, 2007 - 11:21 PM on February 1st, 2007
It probably doesn’t help that so much of the Time’s writers are out of touch with the majority of American population. Continually publishing stories that any intelligent sixth grader would know is detrimental to national security, others that are insulting and others still that are just in bad taste doesn’t help their cause either. What ever happened to “all the news that’s fit to print”? Of course most journalists have a liberal slant, most have never had to work a job wherein they actually had to produce quanitfiable results other than the number of words in the article. That is the very reason why so many papers are losing readership. The writers write in a condescending tone to the very people who pay their exorbitant salaries and don’t understand why the people have stopped listening. Well the NYT is learning the hard facts of business just like Air America did. Media outlets do not survive without producing a product people want and are willing to pay for. Unless they’re willing to cater to their market, they’ll all go down the drain.
February 1, 2007 - 11:23 PM on February 1st, 2007
Of course after reading my last post I have to wonder what I’ve been doing to mangle the English language that badly. Hmmm Maybe the NYT will hire me. I’ll at least give them a readable article everyday. LOL