With an almost 18 percent drop in its advertisement revenue, The New York Times Co reported a 48 percent fall in its net income during the fourth quarter - to $27.6 million, or 19 cents a share, as against the year-earlier figures of $53 million, or 37 cents a share.

As the downturn took its toll on the generally profitable holiday season in December, the newspaper publisher has forecast further reduction in ad sales this year. The company's revenue declined 10.8 percent to $772.1 million, though the Wall Street analysts' average projection for revenue was $761.1 million.

The first quarterly reduction in digital revenues of the company from the deteriorating online ad revenue for the Web sites and About. com - together that dropped by 12.7 percent in December - the second successive monthly drop.

Earlier this month, The Times took $250 million assistance from Mexican billionaire Carlos Slim, for the repayment of its debt. Reports indicate that the company is also negotiating a $225 million deal for selling its interest in its New York headquarters building.

Moreover, The Times has also has sought the services of Goldman Sachs for explore the possible sale of its 17.75 percent interest in New England Sports Ventures, a company that holds the Boston Red Sox and the Fenway Park baseball stadium.