Lost in the outrage yesterday over the New York Times's decision to discount its ad price for the disgraceful MoveOn.org "Betray Us" ad about General David Petraeus from at least $167,000 to $65,000 (described by NewsBusters' Brent Bozell as, in effect, co-sponsorship) was this awful financial news:
UPDATE: New York Times Reports Weak Ad Sales
CHICAGO (Dow Jones) -- Shares of New York Times Co. hit a new 52-week low Wednesday after the company reported a steep advertising revenue decline in August at the unit that includes its flagship newspaper and the Boston Globe.
Revenue at the publisher's News Media Group dropped 4.6% from the same month a year ago, to $121.5 million. Classified revenue, traditionally considered the most vital component of newspaper advertising, plunged 20% on weakness in real estate, help-wanted and automotive ads.
New York Times stock (NYT) was down marginally at $20.31 in midday trading. At one point, the shares hit a new one-year low of $20.19.
"ONE-YEAR low?" Try at least ten (that's as far back as NASDAQ.com charts will go; NB's Terry Trippany caught the stock-price decline, which has since worsened, back on Tuesday):
NYT's share price has dropped over 25% in the past four months, and 60% since it acquired what may end up being a terminal case of Bush Derangment Syndrome in the summer of 2002.
Long-suffering NYT shareholders surely long for their own surge. They won't get one as long as the company is willing to leave over $100,000 on the table for a politically favored advertiser.
Cross-posted at BizzyBlog.com.
