Quagmire at the New York Times

The New York Times continues to sink into the depths.

The heartbreak of it all.

New York Times plans layoffs: memo

New York Times Co. is planning to cut about 12 newsroom jobs at its flagship newspaper, according to an internal memo posted at the media blog Gawker on Wednesday. About a dozen support positions at the paper will be eliminated, including "a number of clerical and secretarial jobs," New York Times Executive Editor Bill Keller said in the memo. Next year, Keller said, the paper will "eliminate a few management jobs in administrative areas." The job cuts will not include any journalists, he added in the memo. A New York Times Co. spokeswoman did not immediately return a call seeking comment.

Last I checked there were no "journalists" at the Old Grey Hag, so it looks like all jobs are on the table.

Incidentally, their stock price continues to tank, setting a new 52-week low on November 28 by dropping to $16.02 per share. That is a drop of 40.44% from the 52 week high of $26.90 on last February 7.

As an economist, I always say that the market tells you everything you need to know, if you can only learn to listen to what it is saying. I don't think the NYT management is listening to what the market is saying.

Now Times is now getting rated a "sell" by at least one security company.

New York Times cut to sell at Banc of America Securities

Banc of America Securities cut its rating on the New York Times to sell from neutral, and it cut the newspaper publisher's price target cut to $14 from $21.

A drop to $14 would comprise a drop of over 50% in the stock value in less than a year.

It looks like the market is not buying what the NYT is selling.