Thursday, February 01, 2007

 

The NY Times continues to burnish its credentials

On January 19, 2001 – the last day of the Clinton administration - the Democratic Party’s Paper of Record, the NY Times, closed at $41.81. Yesterday, it closed at $23.09. Then today (heh, heh):

N.Y. Times Co. Profit Down on Falling Value of Boston Globe

“The New York Times Co. lost more than $600 million in the last quarter of 2006, largely because of the diminished value of the Boston Globe, which it owns.”

And how about this:

“In addition, the company plans to save up to $75 million in 2007 through cutbacks and outsourcing.”

Overall:

“For the year, the company reported a $543.4 million loss on $3.29 billion in revenue, compared with $253.5 million in profit on $3.23 billion in revenue a year earlier.”

Without the write-down of the Boston Globe and the Worcester Telegram-Gazette, the Times would have slightly bettered 2005’s performance. But that write-down represents almost 2/3rds of the price paid by the Times for those two papers in the not-too-distant past of the year 2000…which means whoever is making these decisions over there is in the wrong line of work.

Yet, despite the nearly halving of shareholder value over the last six years, making bone-headed investments like they did with the Boston Globe and now imposing CUTBACKS and OUTSOURCING on what can only be described, I guess, as its exploited workforce – despite all this, is there any doubt the NY Times will continue to regale with their words of wisdom as they tell the rest of us, in particular George Bush, how to run our lives and do our jobs?

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