NYT bailout? “They’re churching the old whore.”
The New York Times seems to be in serious trouble advertising revenues have fallen by 20% for the year and circulation has dropped as well as having its bond rating falling to the point according to some reports into junk territory. Now from 24/7 Wall St. –
The New York Times (NYT) has to repay $400 million in debt in the first half of 2009. It does not have the money. It plans to mortgage its headquarters, but it is uncertain what that will bring in an uncertain real estatemarket. The firm’s Boston Globe and regional newspaper operations lose money, so they will be hard to sell. NYT is controlled by the Sulzberger family, which has super-majority voting shares. That won’t matter much when the company runs out of money. Another big media operation, perhaps News Corp (NWS) which owns The Wall Street Journal and The New York Post, will come in and auction off what it can and keep the flagship New York Times newspaper and NYTimes.com website. Read more »
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