New York Times Company Posts $119 Million Loss
The New York Times company reported a second quarter net loss of $119 million "due in part to a noncash write-down of $161.3 million to reflect the declining value" of its regional newspapers. And online advertising, it seems, couldn't offset for the decline in print revenue: "The company said a 2.6 percent increase in online advertising revenue partly offset a 6.4 percent decline in print advertising," reported the Times. From their press release and write up from their media reporter Jeremy W. Peters, an encouraging part: there's 224,000 people who are paying to subscribe to the digital edition and another 57,000 who pay for it on e-readers. And, in other glass half full news, last week The Times managed to free itself a bit early from the worrisome quarter billion dollar loan from Mexican mogul Carlos Slim Helú.
