New York Times (NYT) October Ghastly

The New York Times (NYT) cash crisis certainly didn’t improve in October:

  • Ad revenue dropped 16% year over year, worse than September and one of the worst months to date (August was -18%).
  • Online revenue in the news business grew only 5%, a major deceleration
  • Circulation revenue increased 4%, thanks to a price increase
  • Overall revenue down 9%
  • revenue decelerated massively, growing even less than in the news business: +3%. This is shocking. It’s especially bad news because was one of the bright spots at the NYT.

The New York Times finally cut its dividend yesterday, which was a step in the right direction. It won’t be enough, however. The company faces a major cash crunch, with $400 million due in May. It needs to sell assets and make major cost cuts. Preferably soon, before it’s too late.

See Also:
Cash Crunch At New York Times: $400 Million Due In May
NYT Cash Crunch II: Negative Net Worth
How To Save The New York Times

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