New York Times Co.: The diversified media...

New York Times Co.: The diversified media and forest products company reported first-quarter profit of $35.5 million, down 26% from a year ago. Revenue held steady at $423 million. The results included higher local advertising revenues at television stations in the Broadcasting/Information Services Group but lower advertising volume at its namesake newspaper and a decline in Magazine Group earnings due in part to development costs related to Snow Country, which began publication in the third quarter of 1988.