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Posted: 7/23/2008 5:19:06 AM EST
New York Times 2Q profit drops 82 percent
Jul 23 09:13 AM US/Eastern

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NEW YORK (AP) - New York Times Co. says its second-quarter earnings fell 82 percent from the year-ago quarter boosted by a one-time gain. Meanwhile, print advertising revenue continued to shrink.

The New York-based newspaper publisher says its quarterly net income dropped to $21.1 million, or 15 cents per share, which included 11 cents per share in buyout costs.

Analysts polled by Thomson Financial expected income of 22 cents per share in the latest quarter. Analyst estimates typically exclude special items.

Revenue dropped 6 percent to $741.9 million, missing the average Wall Street estimate for $754 million. Ad revenue slipped down 11 percent, hurt mostly by fewer classified ads.

Chief Executive Janet Robinson says business was hurt by the "U.S. economic slowdown and secular forces playing out across the media industry."

www.breitbart.com/article.php?id=D923IUFO0&show_article=1
Link Posted: 7/23/2008 5:20:51 AM EST
Link Posted: 7/23/2008 5:22:06 AM EST

Originally Posted By raven:
Chief Executive Janet Robinson says business was hurt by the "U.S. economic slowdown and secular forces playing out across the media industry."


I'd say that is exactly the reason, although not quite in the sense they probably meant it.
Link Posted: 7/23/2008 5:23:14 AM EST
Aw, that's a real shame.
Link Posted: 7/23/2008 5:24:59 AM EST
Maybe this will drive Pinch to end it all

Link Posted: 7/23/2008 5:26:37 AM EST
[Last Edit: 7/23/2008 5:27:25 AM EST by Dr_Dickie]
They are caught in a downward spiral.
When alternative media came along, their conservative reads quit subscribing.
That left (pun intended) them with a VAST liberal readership. Now they must go farther and farther to the loony left to keep what little readership they have left (again intended). The farther left they go, the smaller and smaller audience they reach. The smaller the audience, the more they must tailor their paper for the audience. The more they tailor, the smaller the audience.
In a couple of years they will become a black hole and swallow all of NYC.
Link Posted: 7/23/2008 5:33:53 AM EST
Link Posted: 7/23/2008 5:42:05 AM EST
Real easy way to get into the black, stop printing liberal drivel that 15% of the population agrees with. Do they learn nothing from Air America.
Link Posted: 7/23/2008 6:25:16 AM EST
But...but.... Their failure to bring us all to the true light of socialist reason is absolute proof that capitalism doesn't work and must be abandoned.
Link Posted: 7/23/2008 6:25:42 AM EST
That's unfortunate. NOT!
Link Posted: 7/23/2008 6:33:20 AM EST


Link Posted: 7/23/2008 7:45:11 AM EST

Originally Posted By mfingar:
Print News-Media is dead.

Like we want to read today's news tomorrow morning.



Except for the fact that I prefer to read the comics in news print, I would not ever buy a paper.

Heck, even AMC theaters here in TX quit publishing their showtimes and now have a small ad directing you to their website for shows and times.

If these papers weren't so fucking liberal, they'd keep selling them.

TXL
Link Posted: 7/23/2008 7:47:28 AM EST

Originally Posted By mfingar:
Print News-Media is dead.

Like we want to read today's news tomorrow morning.


QFT.

I've read stories here on ARFCOM, only to read or hear the same thing reported three days later on my local TV station or in the local paper.
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