The New York Times company's third-quarter profits were down by 51% on the same period last year, falling from $13.4m to $6.53m (£7.23/3.52). Revenue dropped 9%, with advertising sales falling 16%, much steeper than the 11% reduction in the first six months of the year.
Online revenue grew by only 6.7%, much lower than the 12% average growth rate in the previous six months. Meanwhile, the company announced that its debt now stands at about $1.1bn (£590m). It ain't a pretty picture. (Via Washington Times/AP)
