Advertising revenue for the New York Times Company’s news divisions sank 28% in the first quarter of this year, the Wall Street Journal reports. That, and a total revenue falloff of 19%, resulted in a $74.5 million loss for the publisher, compared to a break-even first quarter last year. Times Co. is attempting to compensate with pay cuts, divestments, and by cutting sections from its flagship paper.
Times Co. is trying to sell its stake in the Boston Red Sox and has threatened to shutter its Boston Globe unless unions make $20 million in concessions. Though the company owes $1.3 billion in debt, its operating costs declined 9.5% in the first quarter, and some analysts believe the cuts will get it to 2011.