82%

There are two lessons in the story I saw floating around the Drudge Report today: New York Times 2Q profit drops 82 percent.

New York Times Co. says its second-quarter earnings fell 82 percent from the year-ago quarter boosted by a one-time gain. Meanwhile, print advertising revenue continued to shrink.

The New York-based newspaper publisher says its quarterly net income dropped to $21.1 million, or 15 cents per share, which included 11 cents per share in buyout costs.

Well, that’s just so sad. I wonder if having proven liars on staff has anything to do with it?

Chief Executive Janet Robinson says business was hurt by the “U.S. economic slowdown and secular forces playing out across the media industry.”

Secular forces playing out across the media industry? Interpretation: people are turning to the Internet for their news (free, in most cases), not tired old rags that have lost their luster due to sloppy journalistic practices and a quite obvious bias.

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