NYT Posts 4Q Loss: $648 Million
Charles Johnson
Wed Jan 31, 2007 at 10:44 am PST • Views: 297
New York Times Reports 4Q Loss of $648M. Ouch. That’s a lot of Starbucks frappucinos. (Hat tip: Geepers.)
NEW YORK (AP) — The New York Times Co. posted a $648 million loss for the fourth quarter on Wednesday as it absorbed an $814.4 million charge to write down the value of its struggling New England properties, The Boston Globe and the Worcester Telegram & Gazette.
The company said the non-cash charge reflected declines in current and projected results at the newspapers, which have been hit hard by the consolidations of key advertisers in the New England area as well as greater competition from online media.
Frank says: