New York Times withdraws IPO

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The New York Times Co. on Oct. 12 officially withdrew its proposed initial public offering of a tracking stock for its New York Times Digital division, citing Nasdaq's continued slump. Though the unit remains unprofitable--the company said positive earnings before taxes, interest depreciation and amortization in 2002 is a goal--the company said revenue rose 148.4% for the first nine months of 2000 as compared to 1999. The company said that an IPO would proceed when market conditions become more favorable.

Copyright October 2000, Crain Communications Inc.

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