NYT downgraded to appropriate status
Published by Avi Green on Thursday, October 23, 2008 at 11:35 PM.
Namely, junk status, as they call it (Hat tip: Tammy Bruce):
Others on the subject include Michelle Malkin, 123Beta, The Patriot Room, Chicago Ray, Power Line.
The New York Times Co. reported a steep drop in third-quarter profits on Thursday, the latest gloomy earnings report in an industry battered by online competition and falling print advertising revenue.I won't be missing this awful paper when it finally goes, which hopefully won't be too long away in the future!
The New York Times Co. said net profit fell by 51.4 percent in the third quarter to 6.5 million dollars, or five cents per share, from 13.4 million dollars, or nine cents per share, in the same period a year ago... Shortly after the release of its results, Standard & Poors said it was lowering the Times's credit rating to "BB-," or junk status, while Moody's Investors Service said it was placing it on review for possible downgrade.
The company, which owns About.com, The Boston Globe, International Herald Tribune and 16 other daily newspapers besides the flagship The New York Times, said overall advertising revenue fell by 14.4 percent during the quarter.
Shortly after the release of its results, Standard & Poors said it was lowering the Times's credit rating to "BB-," or junk status, while Moody's Investors Service said it was placing it on review for possible downgrade.
Others on the subject include Michelle Malkin, 123Beta, The Patriot Room, Chicago Ray, Power Line.
Labels: communications
