Monday, May 29, 2006
The NY Times Stock Downrated; the Paper Blames "Poor Sales of the Boston Globe" for the Action
The NY Times has become a joke of a paper, as their stock value slides down and down. Now, the stock has been downrated to its lowest level ever - lower than the rating for crapped-up toilet paper.
Moody's downgrades New York Times' debt rating
The Times' message? "Hey, our paper doesn't suck - our sales do!"
The NY Times has become a joke of a paper, as their stock value slides down and down. Now, the stock has been downrated to its lowest level ever - lower than the rating for crapped-up toilet paper.
Moody's downgrades New York Times' debt rating
NEW YORK, May 25 (Reuters) - Moody's Investors Service on Thursday cut its debt rating on the New York Times Co., saying leverage has risen and will not likely fall much until the publisher completes its new headquarters in mid-2007.
Earlier share repurchases and the acquisition of About.com have also significantly increased leverage, Moody's said in a statement.
The company, which publishes The New York Times, International Herald Tribune and the Boston Globe, said last month, its first-quarter profit fell 69 percent from a year earlier when it took a large gain, as higher newsprint costs and weak results from the Boston Globe outweighed strong Internet revenue.
The Times' message? "Hey, our paper doesn't suck - our sales do!"
