NY Times Profit Drops 85 Percent

New York Times Company third-quarter earnings plummeted by a shocking 85 percent and the media corporation says it expects advertising revenue trends for the fourth quarter to be like third-quarter levels.

The NY Times has been slashing costs like crazy while beefing up its digital subscriptions to offset a devastating drop in advertising revenue.

Additionally, the media company has ditched a bunch of its investments recently to tighten the focus on its newspaper business.

Profit for the quarter sank to a shocking $2.28 million from $15.7 million a year ago.

As print advertising sales dropped 11 percent and digital advertising revenue also declined, the brightest spot was paid digital subscriptions, which shot up 11 percent.

Last month, the New York Times Company sold the About Group for $300 million in cash to Barry Diller and IAC/InterActiveCorp.