The New York Times Co posted a quarterly loss from continuing operations on Thursday, hurt by charges for job cuts and said it is looking for ways to reduce its debt.
The company, which reported a 16 percent drop in advertising revenue at its news media group, also said it might write down as much as $150 million at its New England operations, underscoring the dismal state of newspaper advertising. "We plan to continue to explore opportunities to reduce our debt levels," said Chief Executive Janet Robinson in a statement.
| Benchmark Co analyst Edward Atorino interpreted her remarks as a sign that the Times would consider selling properties. |
| Why would anyone want to pay a premium for a dead-tree newspaper? |
Some analysts have been waiting to see what the Times would say about its debt levels after publishers such as McClatchy Co and Gannett Co Inc were put on watch or downgraded by credit rating agencies. Some U.S. newspaper publishers have cut dividends to free up cash to pay off debt.
The Times wants to cut more expenses, and its board plans to review its dividend policy before the end of the year. The company, which owns the namesake newspaper as well as The Boston Globe and other U.S. papers, said it has "little visibility" on how ad revenue will be in the fourth quarter, but said October's declines are similar to those in September.