Associated Press | New York Times
The New York Times Co. posted a $648 million loss for the fourth quarter as it absorbed an $814.4 million charge to write down the value of its struggling New England properties, the Boston Globe and the Worcester Telegram & Gazette. Excluding the non-cash charge, Q4 net income would have increased 39% to $87.9 million from $63.2 million in the same period of 2005. Read the company's
release and the Times'
story.
>
Boston Globe publisher's memo:
"While the charge is not surprising -- the Company said last fall that this could happen and it's certainly been reported in the press -- it is difficult for all of us who care deeply about the Globe and the T & G," writes
Steve Ainsley.
(Romenesko Memos)
>
Boston Globe's story: Meanwhile, the company also said today it would restate its financial reports, including earnings, for the last five years to reflect an error in the way it accounted for obligations primarily to a union pension fund and medical benefits fund for New York Times employees represented by the Newspaper Guild.
(Boston Globe)
