The New York Times newspaper just took a big hit, a hit worth $40 million in the year 2011. Although the shift from print to online publishing in journalism no doubt contributed to the loss of millions, it doesn't help that NYT's writers produce work from a Leftist perspective Americans just aren't interested in reading.
The New York Times Company suffered a net loss of almost $40million in 2011, with its fourth quarter profits falling by 12.2 per cent compared to the same period in 2010.
The company is grappling with sinking advertising revenue and a recent change in the top management after losing CEO Janet Robinson, who received a multimillion dollar severance package.
They said it continued to add subscribers for its digital products in the fourth quarter.
The company's loss was blamed on the terminal decline in print advertising. The problems plaguing newspaper companies are well known.
Readers have ditched print for digital, causing circulation and advertising revenue to plummet.
Meanwhile, the Wall Street Journal saw revanue increases in 2011.
|Katie Pavlich is the News Editor at Townhall.com. Follow her on Twitter @katiepavlich. She is also the author of Fast and Furious: Barack Obama's Bloodiest Scandal and the Shameless Cover-Up.
“ABSOLUTELY DEVASTATING! Intrepid investigative journalist Katie Pavlich rips the lid off Team Obama’s murderous corruption and anti-Second Amendment zealotry" says Michelle Malkin.
"Katie Pavlich draws back the curtain on a radical administration that put Mexican and American lives at risk for no discernible reason other than to advance an ideological agenda." - David Limbaugh
Buy Katie's book today and help us keep the pressure on Obama and his attorney general Eric Holder and expose the cover-up.
Author Photo credit: Jensen Sutta Photography
Hey, Harry Reid, is this Baptist Preacher a Liar, too? Pastor Hit by Truck Another ObamaCare Victim | Todd Starnes