Will the Last Journalist Please Turn the Lights Out?

Reuters reports: Moody's cuts New York Times rating to junk.

Moody's Investors Service on Friday cut its ratings on The New York Times Co (NYT.N) into junk territory, saying declining advertising revenues will continue to pressure the newspaper publisher's earnings.

Moody's cut The New York Times three notches to "Ba3," three steps below investment grade, from "Baa3." The outlook is negative, indicating an additional downgrade may be likely over the next 12-to-18 months.

What took so long?

Were they gamahauching the boards' grandmothers? (Ed: You can't say that!)