New York Times Co.: The media concern...
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New York Times Co.: The media concern lost $19 million in the fourth quarter, contrasted with earnings of $50 million in the year-earlier period. Revenue rose 4% to $470 million. For 1989, net income jumped 59% from 1988 to a record $267 million, principally because of a $193-million gain on the sale of its cable television system. Revenue totaled $1.8 billion, up 4%. The results were attributed to regional economic weakness and previously disclosed charges involving its forest products investment, costs of voluntary staffing reductions at the Times, costs associated with its recent acquisitions of McCall’s, Golf World (U.S.) and Sailing World magazines and a legal settlement with independent home delivery dealers.
Tables, D8
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