The latest SEC filing for Q1 2009 shows the New York Times lost $61,000,000 (that’s millions folks) in three months.
New York Times, Huffington Post
NEW YORK–(BUSINESS WIRE)–April 21, 2009–The New York Times Company announced today a first-quarter 2009 operating loss of $61.6 million compared with operating profit of $6.2 million in the first quarter of 2008.
Excluding depreciation, amortization, severance and special items (noted below in this release), first-quarter 2009 operating profit was $16.5 million compared with $77.7 million in the first quarter of 2008.
SEC The New York Times Company Reports 2009 First-Quarter Results
No wonder they want to stop the bleeding at the Boston Globe one of their “investments”. There is only so much money in the kitty to allow those loses.
They had $34 million in cash and total debts of $1.3 billion. Expect more layoffs in New York and even the closure of the Boston paper as they announced intention to slash $300,000,000 (yes millions again) from expenses.
adam hartung
NYT made decisions sealing its fate as early as 1995 when it declined buying into Monster.com. NYT was so convinced of its old business model it refused to consider changes, and now the market has shifted leaving NYT uneconomic. Read more at http://www.ThePhoenixPrinciple.com