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The Takeaway New York Times 3q Earnings

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by Jeff Bercovici
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Oct 23 2008 2:02pm EDT

The Takeaway: New York Times 3Q Earnings

Portfolio: While overall ad revenue was down at The New York Times Co. in the third quarter and even online ad sales have been sagging, there was some good news: Hunger for information about the financial crisis has been driving record web site traffic, and financial services firms have been advertising more than usual in an effort to calm their panicked customers.

Bloomberg: Times Co. CEO Janet Robinson says the company's dividend could be pared down to a more "prudent" level. Recall that some analysts say the Times' debt could be downgraded to a junk rating if it doesn't do something about its overly generous dividend.

Media Mob: Robinson also said that, despite the recent downsizing of the newsroom, the paper will continue to add journalists to work on business coverage -- journalists like Portfolio's own Jack Flack. Don't forget to write, Jack. □

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