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Article: New York Times Sells 1.4Mil Shares Of TheStreet.com.
- Article from:
- AsiaPulse News
- Article date:
- January 9, 2001
CopyrightCOPYRIGHT 2001 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, NEW YORK, U.S.A., 2001 JAN 7 (NB) -- By Dick Kelsey, Newsbytes. The New York Times has sold more than 1 million shares of financial news source TheStreet.com at a loss of $12 million, the newspaper said today.
The Times announced the sale just one day after disclosing that 17 percent of its online staff - 69 people - were to be laid off to reduce expenses.
"We sold last Thursday 1.4 million shares of TheStreet.com," Times spokeswoman Catherine Mathis told Newsbytes. "We will take a loss on the sale, approximately $12 million." The sale involves nearly all of the Times' shares in TheStreet.com.
The Times ended its joint-venture ...