"Last year's $57.8 million net loss at the Times Co. included one-time charges of $80.9 million to cover severance costs for staff reductions and $198 million to write down the value of assets, the majority of them in the New England Media Group. Without the charges, the company would have been profitable.... Management is afraid the Globe will pull down the rest of the company"
Huh. Related: Boston Globe Executives Got Six-Figure Bonuses
Also see: Corporate Media Cries In Its Champagne
"Analysts braced for bleak news in Times Co. first-quarter report" by Robert Weisman, Globe Staff | April 17, 2009
.... There could be a similarly nasty surprise at the Times Co., largely because of slumping ad sales at the Globe....
The Times Co. has begun accepting front-page display ads in its flagship paper, The New York Times, and in the Globe, something it had long resisted. Because the Times Co. is less diversified than some competitors, it depends more on the fortunes of its newspapers....
Goodbye, Times!
The latest retrenchment was disclosed yesterday when The New York Times said it planned to drop several weekly sections, including Escapes, published on Fridays, and some Sunday regional sections. Similar moves have been made recently at the Globe.... The Globe has been hit harder than The New York Times newspaper....
Last year's $57.8 million net loss at the Times Co. included one-time charges of $80.9 million to cover severance costs for staff reductions and $198 million to write down the value of assets, the majority of them in the New England Media Group. Without the charges, the company would have been profitable.
Like other newspaper publishers, the Times Co. borrowed heavily in better times to finance acquisitions and capital projects. But it got pinched in the credit crunch, with short-term debt coming due at a time when it has become costly and difficult to borrow money....
So why do they suck bank butt then?
--more--"
Also see: The Decline and Fall of the Boston Globe
Update:
"U.S. papers shed 5,900 journalists in 2008
Webmaster'sCommentary:
The corporate media will whine and point fingers at the blogs, but the truth is that most political and news blogs would not exist if the media had done their job and reported the truth about what was going on with the government.
WRH would not exist if the corporate media had reported on the evidence I handed them proving that the FBI fraudulently manufactured Lisa Foster's recognition of the gun found with her husband's body. The evidence consisted of the FBI's own records and I handed this story, a story about a possible murder committed inside the White House itself, free of charge to NBC's Los Angeles News department, and was told (off the record) that anyone touching that story would be fired.
That was the reason I started my political web page which eventually became WRH, and frankly, it has been a huge cost and a pain in the ass most of the last 16 years.
But now time has caught up with the corporate media. As the general public comes to understand the extent of the US Government lies and the degree to which the corporate media aided and abetted those lies, people are turning to the blogs to get that which they cannot find at ABCNNBBCBS; the TRUTH!
So the liars are finally getting fired, and who will really mourn their fall?
Not me. I wish they had done their @#%ing job in the first place." -- What Really Happened
Wow.
I don't know if I'll make it that long. I've only been doing this 3 years and I'm already unraveling! Thanks, WRH!