NYT ad revenue way down

Bloomberg reports that The New York Times Co. listed a 27 percent drop in first-quarter advertising revenue, expanding its net loss to $74.5 million.
From the story:

Times Co. cut jobs, slashed pay, halted its dividend and sold assets to help preserve cash after ad revenue slipped 13 percent last year. It’s seeking to sell its minority stake in the Boston Red Sox baseball team and is negotiating additional pay and job cuts with unions. “It’s clear from these results that it’s a very, very bad environment for newspapers,” Edward Atorino, a New York-based analyst at Benchmark Co., said in an interview. “There’s no sign of relief.