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Saturday, April 21, 2007

The NY Times Continues its Slide Downhill Financially

The NY Times, that bastion of everything that is wrong with America and American journalism, is once again reporting that an "ongoing advertising recession" is causing to report more and more financial losses.

This coming in the midst of a growing US economy, record-low unemployment, and a record-high stock market.

Perhaps The Times is just a piece of shit newsrag that no one wants to advertise in!

Times Co., Gannett and Tribune Co. Report Declines

Buffeted by an ongoing advertising recession, The New York Times Company and the Gannett Company announced yesterday that their first-quarter profits declined while the Tribune Company reported a loss.

The disappointing results underscored the increasingly tough economic times faced by the industry as advertisers continued to shift their focus away from print to the Internet. In particular, areas like real estate and classified, previously rich revenue generators for newspapers, continued to be weak.

The New York Times Company reported a 26 percent decline in its first-quarter profit. Earnings were $23.9 million, compared with $32.4 million last year. Stripping out special items like staff reduction costs, an accelerated depreciation charge and a tax adjustment, the company’s earnings of 25 cents a share were the same as a year ago.

And, more good news: Gannett, owner of USA Today, and other media outlets noted for their anti-American and anti-Bush stands, are also reporting losses.

It couldn't happen to nicer assholes.

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