NYT Co. To Take $48 Million-Plus Charge For Shutting Distribution Unit

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By: Mark Fitzgerald In a regulatory filing, The New York Times Co. said it take a charge of between $48 million and $53 million to account for the cost of shutting down its single-copy distribution company.

The biggest charge related to the Jan. 1 closing of City & Suburban Delivery Systems Inc. will be $30 million in severance payments to its 530 employees, the Times Co. said. The Times Co. announced in September that it was closing the company and would distribute its flagship New York Times and other publications to newsstands and stores through a combination of third-party distributors and its own drivers.

More details are at E&P?s business-oriented Fitz & Jen blog.

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