New York Times Co. narrows loss, ad slump lingers
The New York Times Co. narrowed its losses in the most recent quarter, though the company showed little sign of improvement in advertising.
The publisher of The New York Times, The Boston Globe, The International Herald-Tribune and 15 other daily newspapers said Thursday it would have made money if not for hefty one-time charges.
The NY Times is still losing money
However, it sustained a 27 percent drop in ad revenue. While that was an improvement over last quarter’s 30 percent decline, year-over-year comparisons are getting easier because ad sales were already falling off by this time in 2008.
The Times Co.’s ad slide in the third quarter was comparable to what other major newspaper publishers such as Gannett Co. and McClatchy Co. have reported. Those companies have remained profitable because of job cuts and falling newsprint costs.
The Times Co.’s loss came to $35.6 million, or 25 cents per share. It took about $88 million in charges related to higher pension costs at the Globe and a tax adjustment.
Read More: By ANDREW VANACORE, AP
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