Profits down sharply at the New York Times in the first quarter as advertising revenue plummets 28 per cent and forecasts that revenues will continue to fall in the second quarter.
Times Co. Chief Executive Officer Janet Robinson said in the statement that “The challenges we face intensified in the first quarter,in time, however, we believe that the economy will grow and the advertising market will improve.”
The group has already embarked on a cost cutting and asset selling exercise and is currently negotiating further cuts in both jobs and pay with the unions.
The results come as the paper won five Pulitzers last night and the irony of the two events will not be lost on those whose support quality journalism.
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