(NEW YORK) -- The online movie rental and streaming service Netflix is being added to the S&P 500, Standard & Poor’s announced Friday, while The New York Times Company will be dropped to the S&P 400.
It’s just the latest example of how the digital age is proving unkind to the newspaper business. Print media is losing readers, advertisers and money as people turn to the Internet and rapidly advancing technology. Newspapers have struggled since the emergence of digital media and venerable publications like The New York Times are losing their dominance.
The change is set to take affect Dec. 17 after the close of trade.
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