New York Times Co. fell the most in almost 22 years
in U.S. trading after reporting a 27 percent drop
in first-quarter advertising revenue and saying that the rate of decline won’t slow until at least the second half.
The net loss expanded to $74.5 million, or 52 cents a share, from $335,000 a year earlier, the newspaper publisher said today in a statement. Sales fell 19 percent to $609 million, trailing the $634.3 million average of four analysts’ estimates compiled by Bloomberg.
Times Co. cut jobs, slashed pay, halted its dividend and sold assets to help preserve cash after ad revenue slipped 13 percent last year. It’s seeking to sell its minority stake in the Boston Red Sox baseball team and is negotiating additional pay and job cuts with unions.
“It’s clear from these results that it’s a very, very bad environment for newspapers,” Edward Atorino, a New York-based analyst at Benchmark Co., said in an interview. “There’s no sign of relief.”
“Advertisers as the economy improves will understand that they have a strong need to advertise,” Robinson said on the conference call. “That bodes well for a stronger third and fourth quarter.”
Times Co. has said it may close the Boston Globe if the newspaper can’t agree with unions on $20 million in savings, according to the Boston Newspaper Guild.
Ad revenue at the New York Times Media Group, which publishes the namesake newspaper and the International Herald Tribune, dropped 27 percent to $201.2 million. The New York Times won five Pulitzer Prizes yesterday for reporting, photography and criticism, the most for any newspaper this year.
The ad decline will probably bottom out this year, said Thyra Zerhusen, managing director at Optimum Investment Advisors, which held 4.7 million Times Co. shares on Dec. 31.
“They have to do a better job monetizing their online revenues,” she said in an interview on Bloomberg Television.
Circulation revenue rose in all of Times Co.’s divisions.
Times Co. trimmed operating expenses 9.5 percent to $654.3 million, helped by the closing of a newspaper distributing unit.
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New York Times Falls Most Since 1987 on Declining Ad Revenue
By Greg Bensinger
Bloomberg
21 April 09
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A Symptom . . . or a Root Cause? [Mark Steyn]
So I was reading about the latest woes at Pinch Sulzberger's New York Times. He's been hurling sections overboard, and threatening to close The Boston Globe, but the bumpy descent keeps accelerating:
New York Times Co. fell the most in almost 22 years in U.S. trading after reporting a 27 percent drop in first-quarter advertising revenue and saying that the rate of decline won’t slow until at least the second half.
The net loss expanded to $74.5 million, or 52 cents a share, from $335,000 a year earlier, the newspaper publisher said today in a statement. Sales fell 19 percent to $609 million...
It occurs to me that the best chance of saving the U.S. newspaper industry would be if the New York Times collapsed. America's stultifying monodailies are far more homogeneous than almost any other English-speaking media culture. A big part of this is the Times, and the horrible conformity it begets. The Times is the template for the entire industry: Its ethos dominates the journalism schools; it's the model for a zillion other mini-me wannabe-Timeses across the continent, even though smug East Coast upper-middle-class metropolitan condescension would hardly seem an obvious winner for second-tier cities and rural districts. Its columns and features are reprinted coast to coast. Its priorities determine the agenda of the three nightly network newscasts, also (not coincidentally) flailing badly. The net result of the industry's craven abasement before the Times is that American newspapering is dead as dead can be — and certainly far deader than its cousins in Britain, Australia, India, or even Canada.
If the Times closed, what would the mainstream media left behind do? Why, they would have to think for themselves. And some of them would still die. But some of them might get . . . lively, and iconoclastic, and one day even . . . readable. Not all of them: There would still be plenty of near-parodic thumbsucking pomposity for those whose bag that is. But there would be other kinds of papers, too. As the J-school bores say (but rarely do), celebrate diversity!
Just a thought.
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A Symptom . . . or a Root Cause?
by Mark Steyn
THE CORNER
THE NATIONAL JOURNAL ONLINE
Tuesday
21 April 09
-----------------------------------------------
Barry Soetoro aka Barack Hussein Obama
is a
USURPER
because he is not eligible to be President of the United States
because he is not a Natural Born Citizen
as required by Article Two, Section One, Clause Five
of the United States Constitution.
This is a fact regardless of
where he was born (Mombassa, Hawaii, Chicago, or Mars).
He is not a Natural Born Citizen
because he was not born of
TWO PARENTS
BOTH OF WHOM WERE UNITED STATES CITIZENS
at the time of his birth.
His father was a subject/ciitizen
of Kenya/Great Britain at the time of his birth and afterwards.
His mother was too young to pass on her US citizenship
according to the law in effect when he was born.
Check it out:
http://www.TheObamaFile.com/ObamaNaturalBorn.htm
His usurpation cannot be corrected by Congress,
it can only be corrected by his resignation, his removal
or
by an amendment to the Constitution
which will never happen.
Barry Soetoro aka Barack Hussein Obama
is a
USURPER
because he is not eligible to be President of the United States
because he is not a Natural Born Citizen
as required by Article Two, Section One, Clause Five
of the United States Constitution.
This is a fact regardless of
where he was born (Mombassa, Hawaii, Chicago, or Mars).
He is not a Natural Born Citizen
because he was not born of
TWO PARENTS
BOTH OF WHOM WERE UNITED STATES CITIZENS
at the time of his birth.
His father was a subject/ciitizen
of Kenya/Great Britain at the time of his birth and afterwards.
His mother was too young to pass on her US citizenship
according to the law in effect when he was born.
Check it out:
http://www.TheObamaFile.com/ObamaNaturalBorn.htm
His usurpation cannot be corrected by Congress,
it can only be corrected by his resignation, his removal
or
by an amendment to the Constitution
which will never happen.
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