New York Times Reports $39.7 Million Loss For 2011
The New York Times Company was in the red in 2011.
The company reported Thursday that its fourth-quarter profits fell by 12.2 percent compared to the same period in 2010, and that its net loss for the whole of 2011 was $39.7 million. In contrast, its third-quarter profits were up, and it was profitable overall in 2010.
The news came as the paper is trying to fill the void left by CEO Janet Robinson's ouster -- as well as by the multi-million dollar severance package she was given. The Times also went through a round of staff buyouts at the end of the year.
Times reporter Amy Chozick chalked up the company's loss to the terminal decline in print advertising, as well as to the sharp drop in revenues from About.com.
One bright spot: the NYTimes.com paywall, which now has 390,000 subscribers. The Times Company is also planning to sell more of its stake in the Boston Red Sox.The biggest newspapers in America.