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October 19, 2006

NYT Profits Plunge 39.2%

Like Spinal Tap, their appeal hasn't diminished. It's just become more selective.


The New York Times Co. reported Thursday that its third-quarter 2006 profit from continuing operations plunged 39.2% on costs related to its job cuts and a loss on its sale of its 50% stake in the Discovery Times Channel.

Meanwhile, Belo, publisher of The Dallas Morning News, said net income for the quarter fell to $19.2 million, or 19 cents per share, compared to $22.1 million, or 20 cents per share, during the same period last year.

At the New York Times Co., 3Q operating profit was down 48% from the same period in 2005 to $20.5 million on total revenues that slipped 2.4% to $739.6 million.

Meanwhile NBC is slashing its budget, and jobs as well. They plan to stop scheduling scripted shows for the 8-9 PM hour -- kind of giving up on one-third of primetime.


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posted by Ace at 02:37 PM

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