The New York Times Co. said Wednesday that fourth-quarter earnings plunged 48 percent and online sales fell for the first time as the recession depressed spending by advertisers. The results still beat analyst estimates, and its shares rose almost 5 percent.The Times also announced it has retained investment firm Goldman Sachs to help explore a sale of its 17.8 percent stake in New England Sports Ventures, which owns the Boston Red Sox baseball team, Fenway Park, a portion of a cable sports network and other properties.
The Times company, which publishes the Times, The Boston Globe, the International Herald Tribune and 16 other daily newspapers, earned $27.6 million, or 19 cents a share, in the October-December period, compared with $53 million, or 37 cents per share, in the same quarter of 2007.
Excluding various one-time charges, earnings totaled 36 cents a share, above the 27 cents per share that analysts polled by Thomson Reuters had expected.
Shares in the company rose 25 cents, or 4.5 percent, to $5.85 in afternoon trading.