New York Times Loses $39 Million in 2011
The New York Times Corporation lost more than $39 Million dollars in 2011. The company has not been profitable for more than a year at this point. The company reported Thursday that its fourth-quarter profits fell by 12.2 percent compared to the same period in 2010, and that its net loss for the whole of 2011 was $39.7 million.
The New York Times blames the losses on the decline in print advertising and huge loses from their stake in About.com.
The New York Times is the third largest read paper in the United States with a readership of around 390,000 people. The paper has been struggling since the removal of its long time CEO, Janet Robinson. Robinson has a multimillion dollar golden parachute and their were several other high profile staff buyouts this year limiting profitability .
The New York Times Corporation said it may lessen its stake in the Boston Red Sox to free up some more cash.
The ongoing slouch in the advertising market continues to weigh upon The New York Times Company, the publisher of The New York Times, the International Herald Tribune, The Boston Globe and 15 other daily newspapers. While the papers continue to cover their operating costs the company has hinted that it expects drops to continue as advertising dollars decrease and internet readership continues to grow.
Do you fear for the New York Times?