New York Times Co. posts $88 million loss

The New York Times Company reported a second-quarter loss on Thursday because of a write-down in the value of About.com and continuing declines in print and digital advertising revenue. The net loss was $88.1 million, or 60 cents a share, compared with a net loss of $119.7 million, or 79 cents a share, in the period a year earlier, when the company wrote down the value of its regional newspapers, which it later sold. Increases in circulation and digital subscriptions contributed to a 0.6 percent increase in revenue, to $515.2 million. But a $194.7 million write-down of About.com, the online resource guide the company bought in 2005, weighed on profits. The Times Company had an operating loss of $143.6 million in the quarter ended June 24, compared with an operating profit of $31.5 million in the period a year earlier.