The Sinking of the New York Times…
into an ocean of red ink. The analysts predicted a loss of 4 cents a share. The company reported losses of 52 cents a share:
The owner of The New York Times, The Boston Globe and 15 other daily newspapers said Tuesday that it lost $74.5 million, or 52 cents per share, in the opening three months of the year. That compared with a loss of $335,000 at the same time last year, which was break-even on a per-share basis.
The results in the most recent quarter included charges totaling 18 cents per share to cover the costs of jettisoning employees and other one-time accounting measures.
Even with those charges stripped out, the loss was much worse than analysts expected. Analysts surveyed by Thomson Reuters had predicted the New York-based company would lose 4 cents per share.
On Sunday Times’ columnist Frank Rich blasted as “bigots” every defender of traditional marriage in the land, which given that even California voted to define marriage as between one woman and one man, puts the loudest voice of the paper on record as denouncing at least 60% and probably more of the country. Not disagreeing with them, mind you, or attempting to persuade them. Simply denouncing them as bigots.
Its a sign of the paper’s commitment to robust free speech from any point on the political spectrum from liberal to radical that it will allow its frothing lefties to push the paper further and further into the role of hater of majoritarian, mainstream religious belief even as the paper scrambles to find advertisers and readers.