There was a time not that long ago that when somebody mentioned “blue chips,” it wasn't uncommon to hear the stock of The New York Times included among those of General Motors, General Electric, IBM, and so forth.
Not anymore. The American Thinker's Steve McCann recently pointed to how far the old grey lady of American journalism has fallen, based on the company's fourth-quarter 2010 earnings report.
“Their long term trend of slowly sinking into the sunset continues. Total revenues fell 2.9% from the same period a year ago. Net Income fell 29% and earnings per share fell from $.63 to $.45. The long term trend shows no real improvement as advertising revenues continue to decline.
“Since February 3, 2004 when the New York Times Company closed on the New York Stock Exchange at $45.69 a share, it has steadily eroded to the point where the latest quote as of today is $10.56 (a decline of 77%). By contrast the Dow Jones Industrial Average during this same period has gone from 10,409 to 12,037 today (an increase of 16%).”
Sadly, as McCann notes, nobody in the Times executive boardroom or in the newsroom is likely prepared to consider the possibility that having an incredibly parochial view of the nation and world has anything to do with the institution's steady descent into irrelevance.
For more from McCann, go here. Of course, one can only wonder what might happen were somebody new to be running the Times, somebody who would publicly and loudly insist on a return to the traditional journalistic verities of accuracy, fairness, objectivity and separation of church (editorial) and state (news).