Media

New York Times Is Back in Black

The New York Times reported an annual profit of $19.9 million Wednesday, after suffering a $58 million loss in 2008. Does this signal new life in the advertising market for newspapers? It depends. The Guardian calls the report "the latest indication of a tentative improvement in the fortunes of the badly battered global newspaper industry." On the other hand, news that that advertising sales continue to slump sent the company's share into a 9 percent slump Wednesday afternoon. The venerable publisher, which had major layoffs last year, is trying, so far unsuccessfully, to unload its partial ownership of the Boston Red Sox.