New York—The New York Times Co. Wednesday posted a net loss of $543.4 million for 2006, compared with net income of $253.5 million in 2005.
The drop was largely attributed to an $814.4 million charge to write down the value of company’s struggling New England properties, the Boston Globe and Worcester Telegram & Gazette. The Times’ recently announced plans to cut about 125 jobs at its New England Media Group.
Total revenue for 2006 rose 1.8% to $3.28 billion, from $3.23 billion in 2005. Ad revenue was up 0.7% to $2.15 billion, from $2.13 billion.