Globe contributes to $648 million quarterly loss
Boston was the New York Times’ Achilles’ heel, as the Gray Lady’s two New England papers contributed to a $648 million loss in the most recent quarter.
Newspaper firm took a charge of $814 million for its New England Media Group, which includes the Boston Globe, the Worcester Telegram & Gazette and Boston.com, which it wholly owns.
Quarterly loss was the first in 10 years for the company.
Company swung to a loss after a profit of $63 million in the comparable quarter last year. Revenue was up 4%, to $932 million.
The Globe has been on the block, with reports over the past few months that Jack Welch and others are interested. But no sale has yet materialized.
Ad sales in the New England market have been particularly hard hit. Analysts and the market, though, generally liked what they saw from the flagship: New York Times’ stock closed up 1% to $23.09.