NYT: Revs Down, Share Price Up
This was not a good week for The New York Times. The week began suddenly on Sunday, when Public Editor Clark Hoyt blasted the Gray Lady for its McCain article from the previous week. Then, pretty much for the rest of the week, dissident activist shareholders jousted with The New York Times Co. over seats over seats on the Board of Directors. The bungling over the McCain story as well as the continuing effects of the ad recession sapped some of the the Gray Lady’s leverage in dealing with the investors.
About.com’s CEO Scott Meyer also decided to step down by next week, adding further fuel to the argument that The Times needs help in navigating this new digital reality. Meyer says it is an amicable parting, however, and Paidcontent’s Staci Kramer says, ”based on Meyer’s memo to staff, looks like Martin Nisenholtz, NYTCo SVP-digital operations, is taking charge directly, at least for now.”
And today, The New York Times Company reported that January ad revenues fell 9.8 % from the year before. Standard & Poor’s Ratings Services, as a result, said it placed its ratings for The New York Times Company on CreditWatch with negative implications.
All that having been said, at post time, NYT shares are up $0.08, 0.43% at $18.63.
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