Times stops its charities funding

THE New York Times, burdened with more than US$1 billion of debt and several loss-making newspapers, has decided it will make no further donations to its foundation until business picks up.

A spokesman said the New York Times Foundation would honour current obligations and would continue to run its college program in a truncated format. No students benefiting from the program would be adversely affected, it said.

Vice-President Michael Golden said the company would stop its practice of matching contributions dollar-for-dollar with staff for particular causes.

The decision will also affect the Boston Globe Foundation. The Times has threatened to close the Globe unless it can find more than US$20 million in savings in the current fiscal year.

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