S&P slashes NY Times rating to junk | WHAT REALLY HAPPENED


S&P slashes NY Times rating to junk

Standard & Poor’s slashed its rating on the New York Times Company by three notches to junk on Thursday after the publisher reported fresh impairment charges, a quarterly underlying loss and a review of its dividend policy.

The decline in print advertising revenues that has dogged US newspapers accelerated in the third quarter as the economy worsened, said Janet Robinson, chief executive. Visibility about future advertising bookings was “limited”, she added.

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