New York Times Co. loses $74 million in quarter

The New York Times Company reported Tuesday that it lost $74 million in the first quarter of 2009, partly on a quarterly advertising drop of more than 28 percent, according to an article on NYTimes.com.

The worst drop, 31.6 percent, hit the New England Media Group, which consists primarily of The Boston Globe and its site, Boston.com. The company has told unions at The Globe that the paper is on track to lose $85 million this year, and that unless deep cuts are made, the paper will be sold or closed.

Total revenue fell 18 percent year-over-year, but CEO Janet Robinson released a statement in which she argued that the company’s situation will improve as the year goes on.
She cited a continuing plan to reduce operating costs, claiming that the company will save $330 million over the course of the year in this area.

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