The NY Times has used hundreds of millions in tax losses to reduce its tax bill.
The company reported an annual loss for 2006 of $543 million. The Times 2006 annual report says the company’s “effective income tax rate was 3.0% because the majority of the non-cash impairment charge of $814.4 million at the New England Media Group is non-deductible for tax purposes.”
It made bad investments and sold them for massive losses
The Times Company bought the Boston Globe for $1.1 billion in 1993, added the Worcester Telegram & Gazette for $295 million in 1999, and sold them both to Boston Red Sox owner John Henry for $70 million in 2013.
It employed family members as a way to get around gift tax limits
including not only the outgoing chairman’s son A.G. Sulzberger, who was paid $2,075,313, but also James Dryfoos, who earned $285,022; Pamela Dryfoos, who earned $138,750, and David Perpich, who earned $931,338.
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