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New York Times Co. (NYSE: NYT) observed the Company’s shares increase in pre-market trading Thursday after the newspaper publisher surprised the Street with a second-quarter profit. The company posted an adjusted-profit of 8 cents per share, compared to the loss of 4 cents a share that analysts had predicted.
Replicating the tough times in the newspaper industry, New York Times Co.’s revenue tumbled 21% to $584.5 million, off target of estimates for $603.05 million in revenue. The Parent Company of the Times reported it ended the quarter with $37 million in cash and equivalents and has $1 billion in total debt due. The company has offset the diving revenue with intensive cost-cutting. It projects 2009 operating costs to decline about $450 million.
The New York Times Company is a diversified media company, including newspapers, Internet businesses, a radio station, investments in paper mills and other investments. The Company is organized in two segments: News Media Group and the About Group. Additionally, the Company owns equity interests in a Canadian newsprint company, a supercalendered paper manufacturing partnership in
In February 2008, it acquired a 25% ownership interest in quadrantONE LLC, an online advertising network that sells bundled premium, targeted display advertising onto local newspaper and other Websites. The Websites of the
The Company also owns a 17.75% interest in New England Sports Ventures, LLC, which owns the Boston Red Sox,
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