The New York Times reported a $24.2 million third-quarter loss yesterday, thanks in part to a costly write-down following the sale of The Boston Globe to Red Sox owner John Henry.
The Times announced a $34.3 million write-down related to the sale of the New England Media Group, which includes the Globe, Boston.com, the Worcester Telegram & Gazette and related properties.
The Times is already on the hook for approximately $8 million in pension liabilities related to the Globe assets — which Henry bought for $70 million earlier this month. It's also battling a class-action lawsuit brought by former newspaper carriers at the Telegram who claim they were misclassified as independent contractors — a case where damages could reach up to $60 million.
Analysts dismissed the write-down as routine, reflecting the challenges of the newspaper industry, while Times' brass focused on the big picture.
"The third quarter of 2013 was a strong one for the company," said Times CEO Mark Thompson in a statement. "We increased our revenue, decreased our costs and, as a result, significantly increased our operating profit compared with the same quarter last year."
Henry, meanwhile, laid out his vision to make the Globe "a laboratory for major newspapers across the country" in an op-ed earlier this week.
"I think he said the right stuff," said Alan Mutter, a former newspaper editor and adjunct professor at the University of California at Berkeley. "But anybody can say anything."
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