The New York Times Company (NYTC) has reported a 47% fourth-quarter fall in profits, recording a net profit of $27.6m (£19.2m) in the last three months of 2008 compared with $52.9m (£36.8m) a year ago. It also confirmed that it is seeking a buyer for its stake in the Boston Red Sox baseball team.
Advertising revenue fell 17.6% and even online ad revenue was lower, down 3.5%. For the full year, the company reported a net loss of $57.8m (£40.2m) compared with a net profit of $208m (£145m) the previous year.
Despite the gloomy figures, the results surpassed the expectations of analysts and NYTC's share price rose by 6.79%. (Via Google/AFP)
