New York Times Co. reports $543.4 million loss for 2006

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New York—The New York Times Co. last week 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.
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