Thursday, October 23, 2008

Bad joss

The NYTimes reports a 51.4% drop in Q3 profits. A CNBC crawl reported that the stock has been reduced to junk status. Per the Gray Lady herself:
The company raised its quarterly dividend last year to 23 cents a share from 17.5 cents. Analysts have criticized that move in light of the company’s dwindling profits and noted that the dividend was a chief source of personal income for members of the Sulzberger family, who control the company.

Ahh, the newspaper biz, unraveling before our eyes. To read the Times on the Times, go here. Much as the paper can annoy with its biases, it's still the most thorough paper we have in this country and it's sad to watch it tanking.

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