As I predicted over a week ago, the latest earnings news from the New York Times Company contains bad news. Via Reuters:
The publisher of The New York Times newspaper and the Boston Globe forecast earnings of 8 cents to 10 cents per share, compared with 16 cents in the same quarter last year.
"The print advertising market has been very challenging during July and August and remains so in September," Chief Executive Janet Robinson said in a statement.
Not to mention a bone—headed investment in a cable TV channel less appealing than infomercials for vegetable dicers.
It also includes an estimated charge of 2 cents to 3 cents for the loss on the company's sale of its investment in the Discovery Times Channel, which it said it would sell for $100 million.
A quick partial scorecard for Pinch Sulzberger's strategic moves for the company:
modern printing plants: two built, one closed
acquisition of Boston Globe: a disaster
Discovery Times Channel: (see above)
About.com: profitable so far, but no big return on investment
National print edition: successful
Hat tip: Susan L.
Thomas Lifson 9 22 06
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