Thanks to sharp cost-cutting, the company has returned to profitability. And thanks to frantic debt restructuring, the NYT has also removed its creditors' foot from its throat and bought several more years to figure out a long-term plan.
But this happy escape has not alleviated the company's long-term problem:
Its core business, the print newspaper, is shrinking, and its digital business, however successful, cannot replace the lost revenue and profitability of the print business.
TomzTake: Now we know why the Times offers free digital access by merely subscribing to the Sunday edition. The Sunday paper is a bigger ROI.