The family behind American media group the New York Times Company looks to be reigning in control of the family business, in the wake of declining revenues and profits for fiscal 2011.
The family-controlled company, which is behind the namesake iconic newspaper, saw full-year revenues decline by 2.8% to $2.38 billion (€1.80 billion). Operating profits also took a big hit, falling by around 75% to $56.7 million, the company said in a statement on 2 February.
