Advertising revenue for the NYT Co.'s New England Media Group--which includes the Globe and the Worcester T&G--dropped nearly 32 percent in the first quarter of 2009 compared to the same period in 2008.

By way of comparison, the New York Times Media Group's ad revenue fell about 27 percent. Which is pretty bad too, and will only increase the Times Co.

There's no bad news in the note that Boston Globe publisher Steve Ainsley sent to the paper's employees yesterday. But there's not really any good news, either.

Here's the Cliffs Notes version: we're going to figure out how to make the Globe work as a business proposition, because there's really no other choice.

Or, as Ainsley put it:

The New York Times Co. didn't have such a hot third quarter, period--but the company seems especially down on the New England Media Group, which includes the Boston Globe and the Worcester Telegram & Gazette. From Bloomberg:

The publisher plans to write down the value of its New England newspapers, including the Boston Globe, by as much as $150 million.