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April 21, 2009

Schadenfreude! NY Times' Revenue Continue To Plummet

Ouch.

The New York Times Co. fell into a deeper financial hole during the first quarter as the newspaper publisher's advertising revenue plunged 27 percent in an industrywide slump that is reshaping the print media. Its shares dived Tuesday.

The owner of The New York Times, The Boston Globe, the International Herald Tribune and 15 other daily newspapers said Tuesday that it lost $74.5 million, or 52 cents per share, in the opening three months of the year. That compared with a loss of $335,000 at the same time last year, which was break-even on a per-share basis.

...The ad slump hasn't eased so far in the second quarter, prompting Times Co. Chief Executive Janet Robinson to caution the three months ending in June could result in another advertising decline in the 20 percent to 30 percent range.

An ad slump is bad for a lot of people, not just left wing hack newspapers, so it's hard to take too much joy from this. Still, it's possible to take some.


digg this
posted by DrewM. at 12:36 PM

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