The New York Times Company announced today in its Q1 earnings reports that ad sales have dropped a whopping 28.4% year-over-year including an 8% drop in online ad sales at the News Media Group. It also saw a $74.5 million Q1 loss. This is compared with the first quarter of 2008 in which the company saw a $335,000 loss.
CEO Janet L. Robinson said the company would be aggressively cutting costs for the remainder of 2009 and expects the company to do better in the coming months.
Alley Insider is estimating that at the Times’ current rate, the company will max out its borrowing capacity in 4 quarters.