The New York Times Co. fell into a deeper financial hole during the first quarter as the newspaper publisher's advertising revenue plunged 27 percent in an industrywide slump that is reshaping the print media. Its shares dived Tuesday.
The owner of The New York Times, The Boston Globe, the International Herald Tribune and 15 other daily newspapers said Tuesday that it lost $74.5 million, or 52 cents per share, in the opening three months of the year. That compared with a loss of $335,000 at the same time last year, which was break-even on a per-share basis.
The New York Ties has turned into nothing more than bird cage liner, so this hemorrhaging of money is no surprise.