The WSJ reports that the Boston Globe has really pulled down the financials at the NYT. BG ad revenue is off 10.4% for Q2 and 7.8% for Q1 – with August showing a 15.7% drop against last year.
In a conference call with investors in June, New York Times Co. Chief Financial Officer Len Forman said that turning around the Boston Globe would be a long-term project “because they’ve had a marketplace that basically has just turned so far south. Cutting costs won’t do it, and you’ll just cut to the bone.”
Fill in your prognostication of doom and gloom here. For me, I expect it will be akin to an amputation of a leg…most probably the middle one.
Disclosure: I’ve never worked for the Globe or NYT, but at one time did write for the Worcester Telegram, which has since become a NYT property.