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The huge slowdown in ad dollars has hit the Times hard, and the parent company's stock is worth about half what it was a year ago On Wednesday, New York Times Co. reported disappointing second-quarter earnings, and on Thursday the stock continued in its steep descent. At the end of trading it stood at 12.48, or virtually half the price it commanded one year ago. This part of the story is unsurprising, given how the Street is slamming any newspaper stock. What's startling is something else: If you back out much of the rest of the company's portfolio, you arrive at a surprisingly teeny valuation for the vaunted New York Times itself, despite all the respect the brand commands. At its current $12.48 stock price—down 46.3% from a year ago—Times Co. has a $1.79 billion market cap. To put this in perspective, CBS recently acquired... [read full story]
