Sad Tidings From The New York Times
The New York Times (NYT) had its worst month to date in November, with advertising revenue dropping a harrowing 21%. This is by far the largest drop on record, and the collapse is now hammering all of the company's properties, including the web site and About.com.
The New York Times's business is collapsing, and its cash situation is dire. Despite recent moves to improve its liquidity, the company is rapidly running out of time.
See Also:
How Much Cash The NYT Needs To Survive
NYT: November Horrible, We Need Cash
Release:
The New York Times Company announced today that in November total Company revenues from continuing operations decreased 13.9% compared with the same month a year ago. Advertising revenues decreased 20.9% and circulation revenues increased 4.2%.
All comparisons are for November 2008 to November 2007 unless otherwise noted:
