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 NEW YORK (AP) - The New York Times Co. took a charge of $814.4 million Wednesday to write down the value of The Boston Globe and the Worcester Telegram & Gazette, which have been struggling amid advertiser consolidation, a weak regional economy and competition from the Internet.
The write-down represents a drop in value of about 60 percent from the prices the Times paid for the two newspapers — $1.1 billion for the Globe in 1993, and $296 million for the Worcester paper in 2000 — and reflects the broader troubles facing many other newspapers, especially major market dailies, as readers and advertisers increasingly go online.
The charge reflects an accounting adjustment to the carrying value of the newspapers, based on the company's assessment of their deteriorating operating results, but doesn't represent any actual loss of cash.
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