The New York Times Company has just issued its 4th quarter financial results. Their long term trend of slowly sinking into the sunset continues. Total revenues fell 2.9% from the same period a year ago. Net Income fell 29% and earnings per share fell from $.63 to $.45. The long term trend shows no real improvement as advertising revenues continue to decline.
Since February 3, 2004 when the New York Times Company closed on the New York Stock Exchange at $45.69 a share, it has steadily eroded to the point where the latest quote as of today is $10.56 (a decline of 77%). By contrast the Dow Jones Industrial Average during this same period has gone from 10,409 to 12,037 today (an increase of 16%). The Company continues to scramble to sell assets and find new sources of borrowings in order to keep afloat. However, there seem to be few questions asked as to why the loss of readership which impacts advertisers. Over the period 2004 to 2010 the average daily circulation has dropped from 1,124,700 to 877,000 an overall decline of 22%. Certainly it could not be due their one sided and overwhelmingly left-wing approach to the news and not so subtle cheerleading for the Obama Administration and the Democratic Party which has driven many to seek comparatively unbiased news sources elsewhere such as the internet, Fox News and a few still objective newspapers.
That factor will never be acknowledged as the New Times editorial board and staff consider themselves the epitome and voice of the current Ruling Class. They will go down with the ship as they are above succumbing to the rabble outside their palace doors.