The New York Times threatens to close Boston Globe

The New York Times Company (NYT) has done everything from mortgage part of its headquarters to cutting its dividend to zero. Some analysts thought that those actions would buy it time to recover from the sharp drop in advertising revenue which was threatening to drive the company to a loss.

But, the actions were apparently not enough. The Times now says it might close The Boston Globe, one of the largest and most respected dailies in America. Rumors are that the paper is losing $1 million a month.