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THE GRAY LADY SQUEEZED: The New York Times Co.’s stock dropped 6 percent to $13.24 on Tuesday after a report from Bloomberg that the company is facing pressure to cut its dividend “as credit quality deteriorates amid record advertising declines.” A spokeswoman did not respond to a request for comment by press time. As reported, Standard & Poor’s BBB- rating was placed on CreditWatch negative three weeks ago, and on Tuesday, Moody’s Investors Service told Bloomberg that one option to save the Times’ rating from falling to junk status is to decrease its dividend.
In June, ad revenue for the New York Times Media Group fell 18.3 percent and the publisher’s net income fell 82 percent during the second quarter, to $21.1 million. — Amy Wicks
Memo Pad
It's All About the Value Added... The Gray Lady Squeezed...
It's All About the Value Added... The Gray Lady Squeezed...
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Posted Wednesday August 13, 2008
From WWD Issue 08/13/2008
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