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NY Times Stock Value Continues To Plummet

From the DNC’s Associated Press:

New York Times Sept. Revenue Falls

Oct. 19, 2006, 9:28AM

NEW YORK — The New York Times Co., which operates The Boston Globe and International Herald Tribune along with its namesake newspaper, said Thursday its September revenue fell 2.4 percent on the continuation of a weak print advertising environment.

The company posted $172.5 million in ad sales during the month, down 3.9 percent from $179.4 million in the year-ago period. Total revenue fell to $260.4 million from $266.9 million.

"Print advertising remains challenging, especially in categories such as studio entertainment, help wanted and automotive where we are experiencing declines," President and Chief Executive Janet L. Robinson said in a statement. "The slowdown in the advertising market that began in the third quarter is expected to continue through the end of the year."

News media group ad revenue fell 3.5 percent at its New York Times group, hurt by softness in studio entertainment, banking and corporate advertising. Meanwhile, ad revenue slumped 10 percent at the New England group, partly because of the consolidation of the segment’s two largest department store advertisers. Regional media ad sales edged up 0.9 percent. Combined, the news media group saw its ad revenue dip 4.2 percent to $166.8 million.

About.com, a news and information Web site, saw its September ad sales jump 8.7 percent to $5.7 million.

The company said last month that it is selling its broadcast media group.

Circulation revenue slipped 2.7 percent to $67.8 million.

Shares of New York Times slipped 42 cents to $22.83 in morning trading on the New York Stock Exchange.

But if The Times folds where will Al Qaeda get its intel?

This article was posted by Steve on Thursday, October 19th, 2006. Comments are currently closed.

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