Thursday, October 23, 2008

Economy Slides Toward Recession, New York Times Hardest Hit

They're at virtual junk status now. Actually, they've been junk for a long time.
The New York Times Co posted a quarterly loss from continuing operations on Thursday, hurt by charges for job cuts and said it is looking for ways to reduce debt.

The company, which reported a 16 percent drop in advertising revenue at its news media group, also said it may write down the value of its New England operations by up to $150 million, underscoring the dismal state of newspaper advertising.

Its shares fell more than 10 percent on Thursday afternoon, hitting its lowest level since 1991.

Separately, Moody's Investors Service said it might cut its ratings on the Times into junk territory, citing concerns about revenue declines and risks associated with financing its debt.
Just a helpful suggestions if they're looking to save some dough. Eliminate your irrelevant editorial pages.

Their stock is currently worth $9.65 a share. By this time next year I'd be surprised if it was worth more that two bucks.

No comments: