NEW YORK (AP) - The New York Times Co. posted a $648 million loss for the fourth quarter on Wednesday as it absorbed an $814.4 million charge to write down the value of its struggling New England properties, The Boston Globe and the Worcester Telegram & Gazette. The company said the non-cash charge reflected declines in current and projected results at the newspapers, which have been hit hard by the consolidations of key advertisers in the New England area as well as greater competition from online media.
The company originally paid $1.1 billion for the Globe in 1993 and $296 million for the Worcester paper in 2000.
The Times reported a loss amounting to $4.50 a share for the October- December period. It earned $63.1 million, or 43 cents a share, a year ago.
Results at the Times' Boston-area properties have been slumping badly in the past year, amid a tough economic climate there and the consolidation of key advertisers including the retailers Macy's, part of Federated Department Stores Inc., and Retail Ventures Inc.'s Filene's.
Advertising revenues at the New England properties declined again in the fourth quarter, falling 6.1 percent in the period and 9 percent for all of 2006.
