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Friday, October 24, 2008

New York Times Stock Downgraded to "Junk" Stasis

Karl Rove at work.

S&P slashes New York Times rating to junk.
NEW YORK, Oct 23 (Reuters) - Standard & Poor's on Thursday slashed its ratings on the New York Times Co (NYT.N: Quote, Profile, Research, Stock Buzz) into junk territory and cited concerns about the newspaper publisher's revenue outlook, after it posted a third-quarter loss.

Moody's Investors Service also said it may follow the move, adding the publisher faces risks in refinancing its debt.

The New York Times posted a quarterly loss from continuing operations on Thursday and said advertising revenue at its news media group dropped 16 percent for the quarter. For details, see [ID:nN23398087]

S&P said a likely U.S. recession will exacerbate declining advertising revenues and prolong the time until the declines will be made more manageable, possibly until 2010.

Until advertising declines are moderated the publisher will not be able to execute revenue strategies and cost cutting measures that are key to stabilizing its earnings, the rating agency added.

2 Comments:

Anonymous Anonymous said...

nobody reads this blog anymore...it sux

10/31/2008 12:11 PM  
Blogger Venjanz said...

Now me and the NYT's has something in common!

11/01/2008 3:01 AM  

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