UPDATE 6-NY Times posts loss from continuing ops; eyes debt cut
* CEO says newspaper asset sales difficult now
* Preliminary EPS beats estimates, but expects write-down
* Board to review dividend policy before end of year
*S&P cuts, Moody's puts company on watch for downgrade
* Shares close up two cents (Adds S&P debt rating cut)
NEW YORK, Oct 23 (Reuters) - The New York Times Co (NYT.N) posted a quarterly loss from continuing operations on Thursday because of charges for job cuts, and is looking for ways to reduce debt as the changing habits of its readers and deepening financial crisis suck away advertising dollars.
The preliminary results exceeded Wall Street's expectations, but point to a steady decline in the fortunes of U.S. newspapers, including the New York Times, which is so widely read in the United States that many call it the paper of record.
The company's stock fell more than 10 percent on Thursday, hitting its lowest level since 1991, before rebounding to close up two cents to $10.70.
The newspaper said it expects to write down the value of its New England assets, including The Boston Globe, by up to $150 million, illustrating the dismal state of print advertising.
On Thursday, Standard & Poor's Ratings Services cut its rating on the Times to junk after Moody's Investors Service said it might do the same because of revenue declines and risks associated with paying its debt.
That could make it more expensive for the company to borrow money in the future.
"We plan to continue to explore opportunities to reduce our debt levels," Chief Executive Janet Robinson said in a statement earlier in the day.
Benchmark Co analyst Edward Atorino interpreted her remarks as a sign the newspaper would consider selling properties.
"The word 'opportunities' you could put in quote marks," he said. "I'm not sure they can sell The Boston Globe anymore."
Media experts repeatedly have said the New York Times could sell the Globe, but Robinson told analysts on a conference call it is a difficult time for publishers to sell. Many newspapers now are worth far less than they were just a few years ago. Continued...
