Tough "Times"
In a sign-o-the "Times"...
New York Times Co.'s debt rating was cut one level to BBB, the second-lowest
investment grade, by Standard & Poor's, which cited falling advertising
sales and the broader newspaper industry decline.
Yoy total advertising revenue fell 8.5% to $157.3M and newspaper ad sales dropped 9.9%.
Meanwhile on the left coast.... the Los Angeles Times had "one of the worst quarters we have ever experienced"
As Q2 sales slid 10% and cash flow dropped 27%, the newspaper's publisher said in a memo to employees.
New York Times Co.'s debt rating was cut one level to BBB, the second-lowest
investment grade, by Standard & Poor's, which cited falling advertising
sales and the broader newspaper industry decline.
Yoy total advertising revenue fell 8.5% to $157.3M and newspaper ad sales dropped 9.9%.
Meanwhile on the left coast.... the Los Angeles Times had "one of the worst quarters we have ever experienced"
As Q2 sales slid 10% and cash flow dropped 27%, the newspaper's publisher said in a memo to employees.
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