N.Y. Times Co. Q4 Revenues, Income Down, Sox Share On Block
January 28, 2009 at 7:51 AM (PT)
The NEW YORK TIMES COMPANY's fourth quarter revenue fell 10.8% to $772.1 million and advertising revenue dropped 17.8% to $468.8 million, and income plummeted 47.5% to $27.6 million (19 cents/share), but the figures beat WALL STREET expectations for the firm.
The company confirmed that it plans to sell its 17.8% stake in NEW ENGLAND SPORTS VENTURES, owner of the BOSTON RED SOX, FENWAY PARK, and part of NEW ENGLAND SPORTS NETWORK, and has hired GOLDMAN SACHS to help in the sale.
The TIMES CO. owns Classical WQXR/NEW YORK.