Heartbreaking: NY Times Ad Sales Plunge 27%

No amount of Pulitzers is going to help reverse this slide. The only question I have is when does the government bailout come?

The New York Times Co. fell into a deeper financial hole during the first quarter as the newspaper publisher's advertising revenue plunged 27 percent in an industrywide slump that is reshaping the print media. Its shares dived Tuesday.

The owner of The New York Times, The Boston Globe, the International Herald Tribune and 15 other daily newspapers said Tuesday that it lost $74.5 million, or 52 cents per share, in the opening three months of the year. That compared with a loss of $335,000 at the same time last year, which was break-even on a per-share basis.

The results in the most recent quarter included charges totaling 18 cents per share to cover the costs of jettisoning employees and other one-time accounting measures.

Even with those charges stripped out, the loss was much worse than analysts expected. Analysts surveyed by Thomson Reuters had predicted the New York-based company would lose 4 cents per share.

Revenue for the period dropped 19 percent to $609 million -- about $22 million below the average analyst estimate.

New York Times Co. shares fell 83 cents, 14 percent, to $5.02 in morning trading.

The disappointing performance was driven by a nearly $124 million decline in the Times Co.'s ad revenue from the same time last year. While most of the erosion was concentrated in the Times Co.'s newspapers, its Internet ad revenue also sagged by 8 percent, or $3.6 million.

Death Spiral: NY Times Earnings Plunge 48% in Fourth Quarter

Try to contain your sorrow.

The New York Times Co. said Wednesday that fourth-quarter earnings plunged 48 percent and online sales fell for the first time as the recession depressed spending by advertisers. The results still beat analyst estimates, and its shares rose nearly 10 percent.

The Times also announced it has retained investment firm Goldman Sachs to help explore a sale of its 17.8 percent stake in New England Sports Ventures, which owns the Boston Red Sox baseball team, Fenway Park, a portion of a cable sports network and other properties.

The Times company, which publishes the Times, The Boston Globe, the International Herald Tribune and 16 other daily newspapers, earned $27.6 million, or 19 cents a share, in the October-December period, compared with $53 million, or 37 cents per share, in the same quarter of 2007.

It really was a banner year fore the old gray hag.

For the full year, the Times reported a net loss of $57.8 million, or 40 cents a share, compared with net income of $208.7 million, or $1.45 per share, in 2007. Sales fell 7.7 percent to $2.95 billion.

Such rousing success recently earned them Moody's junk status.