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New York Times shutters 'Play' sports magazine

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In an attempt to cut costs, The New York Times Co. (NYSE: NYT) is folding Play, the quarterly sports magazine launched in February of 2006, as the weak economy and declining ad sales slam its stock price and threaten the future of its dividend.

The Wall Street Journal reports (subscription required) that the company explored a variety of options for making Play work, including cutting staff and going online-exclusive, but there was just no way to make the magazine profitable.

It's a shame for sports fans because, as you'd probably expect from The New York Times, it offered a level of intelligence and nuance that is rare in the world of sports writing. A few years ago, the concept might have had a better shot, but with the company's balance sheet the way it is, it's just not in a position to bleed cash on projects that might pan out well over the long-term.

As the stock price craters, you have to wonder at what point the company will become an attractive takeover target once the economy begins to turn around. But with a dual-class voting structure that puts one family in total control of the company's future, a deal seems unlikely even if it is in the best interests of shareholders.

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Last updated: November 12, 2009: 05:37 PM

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