S&P cuts New York Times to BBB [one notch above junk bonds]- on newspaper ad revenue

Market Watch ^ | April 29, 2008 | Wallace Witkowski

[Zakeet]

Standard & Poor's on Tuesday cut its long-term ratings on New York Times Co. to one level above junk because of declining newspaper ad revenue. S&P lowered its corporate credit rating and senior unsecured debt rating for the newspaper publisher to BBB- from BBB.

[Zakeet]

Almost to the point where the few remaining pension and retirement funds have to dump their remaining holdings in the Slimes.

Rampant bias does not come without a price.

[BOBTHENAILER]

Is there such a thing as a FISHWRAP bond rating?

A Birdcage-Liner bond rating?

[gathersnomoss]

Snork...phttt...hmmm...ha...bwahahahahahahahahahah....whahahahahahahahah....ho...whew....that is too funny.

[avacado]

"My Daddy gave me this newspaper... it's mine, all mine..."

[KarlInOhio]

You've heard of the "Gentleman's B" in college grades. This looks like a Gentleman's BBB in bond ratings giving pro investors a last chance to dump NYTimes stocks and bonds while before they dump to junk grade.

Never invest in a company where ownership and control are separated. The controllers will perform hijinks they never would if they had to answer for it.

[Eurale]

Surely that picture was photoshopped. He looks like the Joker!

[Grampa Dave]

“Pinch” happens.

Pinch is doing a better job of destroying the old gray whore than we ever imagined.

[HwyChile]

I read where craigs list is a big reason for the papers going broke because of private listing ads. Why pay to advertise in a newspaper when you can advertise for free on craigs list. The funny thing is that I also read where the founder of craigs list is a liberal.

[BOBTHENAILER]

“Pinch-in’ the Old Gray Whore”

I love the image............

[webschooner]

I read where craigs list is a big reason for the papers going broke because of private listing ads. Why pay to advertise in a newspaper when you can advertise for free on craigs list. The funny thing is that I also read where the founder of craigs list is a liberal.

The founder of craigslist, whose name is incidently, Craig, lives in San Franfreako, so yes of course he's a Lib.

Yes, craigslist has really killed newspaper classified advertising, but I think that is only one leg of a three-legged stool, why the Old Grey Whore and all other Liberal rags are in decline.

The other two reasons are their obviously being propoganda machines for the Left, and not news sources, and the fact that more and more Americans get their news elsewhere: Internet & Talk Radio.

Another interesting side-effect of the success of craigslist: After many years of regularly, like clockwork, raising their fees, Ebay (aka Screwbay, aka Feebay) recently lowered some of their fees, a first. To me this reversal of trend is an obvious shout of "Uncle! -- Craigslist is really hurting our bottom line!" Case in point: I myself sell a lot of stuff, and in recent years, quite a bit of it goes up on craigslist rather than Feebay. I must not be alone.

[Chode]

[No Truce With Kings]

Sounds like the NYT is finally feeling the Pinch.

[VOA]

bump

[george76]

“BBB-” is one notch above “junk bond” status. The ratings were removed from CreditWatch, but the outlook is negative, meaning another downgrade could occur.

“The rating downgrade reflects a worsening pace of decline in advertising revenue at the company’s newspaper publications,”

http://biz.yahoo.com/ap/080429/new_york_times_ratings.html?.v=1

[Milhous]

"BBB-" is one notch above “junk bond” status.

An inflection point where things tend to get fugly fast ala the Tribune Company. Pinch's timesasaurus is fixing to go down and take a boat load of elite contrarian money with it.