Wednesday, April 22, 2009

New York Times Falls Most Since 1987 on Declining Ad Revenue

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.

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