NYT massively writes down value of Boston Globe, Worcester (Ma.) T&G

wickedwritah · Jan 31, 2007

From $1.4 billion total to $600 million. Ouch.

The New York Times Co. today said it wrote down the value of the Boston Globe and Worcester Telegram & Gazette by $814 million.

The write down reflects a sharp deterioration in revenues over the past year and difficult prospects ahead.

Times Co., which paid $1.1 billion for the Globe in 1993 and $296 million for the T&G in 2000, said it wrote down the value of the newspapers as part of an annual review of assets required under accounting rules. Times Co. said it took a non-cash charge against fourth-quarter earnings to reflect the write-down, resulting in a net loss of $4.50 per share.
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http://www.boston.com/business/ticker/2007/01/ny_times_writes.html

Frank_Ridgeway · Jan 31, 2007

Just wondering if this helps on taxes and that's why they did it. Since they are saying they aren't gonna sell.

wickedwritah · Jan 31, 2007

Sure, it helps on taxes, but it's still a bad sign.

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