NEW YORK: The New York Times Company posted a loss of $57.8 million (€44m; £40m) in 2008, with advertising revenues falling by 13.1% over the year as a whole.

The company's circulation revenues actually rose by 2.3% last year as a result of price increases, and contributed 31% of income.

Advertising made up 60% of its revenue, and the decline in adspend means The Times Co is set to sell its 17.75% share in New England Sports Ventures, owner of the Boston Red Sox baseball team.

Digital adspend constituted 17.4% of all advertising revenue, and rose by 9.3% for the whole of 2008 to $308.8 million, despite falling 3.5% in Q4 to $81.9m.

In an effort to solve its financial ills, the company also recently borrowed $250 million from Mexican telecoms magnate Carlos Slim.

Data sourced from; additional content by WARC staff