The hits just keep on coming:

Lehman Brothers cut the New York Times Co. to underweight, saying recent cost cuts are a strong indication that management is increasingly concerned with its top line. “We remain concerned about the deteriorating top line at all three of the company’s newspaper divisions,” the broker said.

The American Thinker’s Thomas Lifson writes:

When the top line (revenues) is in trouble, cost cutting alone will usually not suffice. Yet management led by a chief executive who owes his position to nepotism continues to position the newspaper properties as propaganda organs, destroying a century’s legacy as a trusted news source.

How about apologizing for that? (h/t Glenn Reynolds)