The NY Times put out a press release this morning announcing its earnings. Quite a sad situation, the Grey Lady is dying and if they don’t figure out some massive change there will be some type of forced restructuring.
On the positive side, their internet revenues grew 6.7% to reach $87 million. The bad news however is the continued plunge in print advertising which was down by 15.9%. The net result is that overall revenues dropped by 8.9% to $687 million. They have cut costs by 6.7%, but the death spiral continues.