Most Recent Articles In Memo PadMost Recent Articles In Memo Pad
BAD NEWS FOR THE TIMES: The New York Times Co. reported fourth-quarter results on Wednesday, and although they beat some analysts’ expectations, the company still reported a 48 percent decline in profit, to $27.6 million, on a 10.8 percent drop in revenues, to $772 million. The company recorded a noncash impairment charge of $19.2 million during the period, related to the writedown of an intangible asset at the International Herald Tribune.
During the quarter, total Internet revenues fell 2.9 percent to $92.5 million and Internet ad revenue declined 3.5 percent to $81.9 million. In total, Internet businesses account for 12 percent of the company’s revenues during the quarter, compared with 11 percent during the same period in 2007. The company also said it has retained Goldman Sachs & Co. to explore the sale of its stake in the New England Sports Venture, which includes the Boston Red Sox.