New York Times posts loss, eyes debt reduction
NEW YORK, Oct 23 (Reuters) - The New York Times Co (NYT.N: Quote, Profile, Research, Stock Buzz) posted a quarterly loss from continuing operations on Thursday, hurt by charges for job cuts and said it is looking for ways to reduce its debt.
The company, which reported a 16 percent drop in advertising revenue at its news media group, also said it might write down as much as $150 million at its New England operations, underscoring the dismal state of newspaper advertising.
"We plan to continue to explore opportunities to reduce our debt levels," said Chief Executive Janet Robinson in a statement.
Benchmark Co analyst Edward Atorino interpreted her remarks as a sign that the Times would consider selling properties.
:nohead:
NEW YORK, Oct 23 (Reuters) - The New York Times Co (NYT.N: Quote, Profile, Research, Stock Buzz) posted a quarterly loss from continuing operations on Thursday, hurt by charges for job cuts and said it is looking for ways to reduce its debt.
The company, which reported a 16 percent drop in advertising revenue at its news media group, also said it might write down as much as $150 million at its New England operations, underscoring the dismal state of newspaper advertising.
"We plan to continue to explore opportunities to reduce our debt levels," said Chief Executive Janet Robinson in a statement.
Benchmark Co analyst Edward Atorino interpreted her remarks as a sign that the Times would consider selling properties.
:nohead: