The New York Times Company is circling the outer rim of its death spiral. Not unexpectedly, first quarter results were disappointing, even considering the difficult business environment. Management was ready with spin to explain away the problems as not its fault. CEO Janet Robinson ascribed the weak advertising revenues to the economic downturn magnified by the effects of "secular change in our business." Robinson added that they are "diligently managing their business for the long term and transitioning into the digital era." Ad revenue fell nearly 10%. Circulation income showed a modest uptick. Undoubtedly, this came from the increase in the newsstand price to $1.50 and the cover price to $1.25 in the early third quarter of 2007. But squeezing revenue from circulation is always a fool's errand in the news game. Raising prices decreases circulation and eventually pressures ad rates. In the jargon of strategic...(Read Full Post)