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.