Page last updated at 06:46 GMT, Friday, 23 October 2009 07:46 UK

New York Times sees smaller loss

New York Times Company
Struggling with debt, the company sold its flagship building in March

The New York Times Company, the struggling US newspaper group, has reported a smaller-than-expected loss of $35.6m in the third quarter.

The results sent shares in the company up 23% to a one-year high.

Advertising revenue fell almost 30% across all of its newspapers from a year earlier.

The company also announced a non-profit news organisation to provide content for a new Chicago edition of the New York Times.

The Chicago News Co-operative - comprised of former editors from the bankrupt company that owns the Chicago Tribune - will provide the copy for two pages, twice a week, in the first Chicago edition to launch on 20 November.

It is the latest attempt by the newspaper industry to cope with a financial crisis that has left many of its biggest publishers bankrupt.

Journalism woes

At least 12,500 jobs have gone in US print journalism in two years.

The New York Times is struggling to service debts of some $400m, amid dwindling cash reserves and plunging revenue.

It sold its Renzo Piano-designed skyscraper, opened in 2007, earlier this year to bolster its cash flow.

The Tribune Company, which owns the Chicago Tribune, the Los Angeles Times, the Baltimore Sun and many other titles, filed for bankruptcy in December.

The Seattle Post-Intelligencer closed in March. The Rocky Mountain News in Colorado, founded in 1859, also closed .

Mexican billionaire Carlos Slim, the world's second-richest man by Forbes Magazine, bought a 6.4% stake in the New York Times last year.



Print Sponsor


SEE ALSO
Crisis in the US newspaper industry
27 Feb 09 |  Americas
Making news pay online
03 May 09 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2013 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific