More gloom in newspaper world as the New York Times lost $74.5 million in the first quarter. Second year in a row for a 1st quarter loss, but last year NYT dropped only $335K.
Print advertising for the Old Grey Lady was off 28.4%.
The loss numbers don’t add up. Did the story mean that the $74.5 loss was after some big infusions of cash?
Imagine how bad it could have been had Times Corp not raised $225 million on selling it’s Manhattan building and leasing back the space plus a $250 million loan from Carlos Slim of Mexico.
Real shame -- I'm really enjoying the news app on my iPhone. Perfect example of if you get it in the right format, people will use it.
Sunday, May 03, 2009
More NYT Bad News
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