New York  - The New York Times publishing group is feeling evermore the economic downturn, with dropping revenues from advertising, the company said Wednesday.

Fourth quarter earnings for 2008 dropped 47.5 per cent to 27.6 million dollars from the same quarter in 2007.

For the year, the company recorded losses of 57.8 million dollars, compared to a profit of 208.7 million dollars in 2007, according to a story posted on its online website.

The company has already accepted outside infusions to shore up its losses, including a loan of 250 million dollars from Mexican media billionaire Carlos Slim Helu just last week, giving the media magnate a 7 per cent share in the company.

The company was also looking to sell its headquarters building on a lease-back arrangement, and looking for someone to buy its stake in the Boston Red Sox, according to the Times' story.

Overall revenues fell 10.8 per cent for the fourth quarter and 7.7 per cent for the year. Advertising revenues were down by 13.1 per cent for the year.

The disruptions of the global economy are affecting all businesses and industries, especially companies, such as ours, that generate a significant portion of their revenues from advertising," the president and chief executive, Janet L. Robinson, said in a statement quoted by the Times.

The company did better on its Internet properties, which include About. com. Although its revenues dropped 2.9 per cent for the quarter, for all of 2008 it was up 12.3 per cent to 155.3 million dollars. (dpa)