Boston Globe Losing $1,000,000 Per Week

November 14, 2008 by Administrator

The Boston Globe is in such dire financial shape, it was reportedly losing $1,000,000 per week over the summer, prior to another round of cost-cutting measures.

The Boston Business Journal did extensive reporting to come to that conclusion. The news is particularly tough because Globe parent, New York Times Company, is on the verge of using up its last line of credit to pay its debt on time.

The Journal notes,

Nonetheless, speculation is rampant that the Times will have to either sell or drastically reorganize its New England Media Group, which includes the Globe and The Worcester Telegram & Gazette, as part of a broader effort to address its own cash needs.