My Oh My, the Gray Lady suffers her just desserts!

New York Times 2Q profit drops 82 percent

Jul 23 09:13 AM US/Eastern

NEW YORK (AP) - New York Times Co. says its second-quarter earnings fell 82 percent from the year-ago quarter boosted by a one-time gain. Meanwhile, print advertising revenue continued to shrink.
The New York-based newspaper publisher says its quarterly net income dropped to $21.1 million, or 15 cents per share, which included 11 cents per share in buyout costs.

Analysts polled by Thomson Financial expected income of 22 cents per share in the latest quarter. Analyst estimates typically exclude special items.

Revenue dropped 6 percent to $741.9 million, missing the average Wall Street estimate for $754 million. Ad revenue slipped down 11 percent, hurt mostly by fewer classified ads.

Chief Executive Janet Robinson says business was hurt by the "U.S. economic slowdown and secular forces playing out across the media industry."

Lord have mercy! How folks in ivory towers can bury their heads in the sand and blame their difficulties on others. Look at the last sentence again: "business was hurt by the U.S. economic slowdown and secular forces playing out across the media industry."

Their losses aren't caused by poor editing, plagiarizing staff reporters, earning the reputation as Osama Bin Laden's morning intelligence briefing on America's secret plans, or political bent so obvious they reject any OpEd which does not carry their left wing garbage. Yeah Right!!

I remember fifty years ago when the Times was the paper of record in this country --"All the news that's fit to print".... now folks won't even use it to wrap their fish for fear that it might add a liberal and anti-American stink that makes the fish inedible.