In Talking About Earnings, NYT Co. Avoids Boston Globe Sale Question
The New York Times Co. released its second quarter earnings today, posting a net income of $39.1 million compared to $21.1 million during the same quarter last year. Total revenues were down 20.2 percent to $585.4 million, with ad revenus seeing a 30.2 percent drop. However, the company managed to cut operating costs by 20 percent during the quarter and they plan to cut $450 million in costs throughout 2009.
Those operating costs were undoubtedly decreased through the significant cuts made at the Boston Globe, including consolidating printing facilities in Boston, decreasing compensation to non-union managers and renegotiating union contracts.
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