Skip to comments.End (New York) Times (Dinosaur Media DeathWatch™)
Posted on 01/06/2009 1:21:42 PM PST by abb
Virtually all the predictions about the death of old media have assumed a comfortingly long time frame for the end of printthe moment when, amid a panoply of flashing lights, press conferences, and elegiac reminiscences, the newspaper presses stop rolling and news goes entirely digital. Most of these scenarios assume a gradual crossing-over, almost like the migration of dunes, as behaviors change, paradigms shift, and the digital future heaves fully into view. The thinking goes that the existing brandsThe New York Times, The Washington Post, The Wall Street Journalwill be the ones making that transition, challenged but still dominant as sources of original reporting.
But what if the old media dies much more quickly? What if a hurricane comes along and obliterates the dunes entirely? Specifically, what if TheNew York Times goes out of businesslike, this May?
Its certainly plausible. Earnings reports released by the New York Times Company in October indicate that drastic measures will have to be taken over the next five months or the paper will default on some $400million in debt. With more than $1billion in debt already on the books, only $46million in cash reserves as of October, and no clear way to tap into the capital markets (the companys debt was recently reduced to junk status), the papers future doesnt look good.
As part of our analysis of our uses of cash, we are evaluating future financing arrangements, the Times Company announced blandly in October, referring to the crunch it will face in May. Based on the conversations we have had with lenders, we expect that we will be able to manage our debt and credit obligations as they mature. This prompted Henry Blodget... to write: We expect that we will be able to manage? Translation: Theres a possibility that we wont manage.
(Excerpt) Read more at theatlantic.com ...
blurb today says NYT is selling ads on the (once sacrosanct) front page.
Sounds kinda like pimping out...
Hey Pinch, you gay maggot, burn those cash assets like an arsonist on hire from Jersey
Directing your coverage at aging hippies while offending half of your potential subscriber base is no way to run a newspaper.
The Lord works in mysterious ways.........
Can't wait until he's out of a job.
Nationalization. Don’t say I didn’t warn you.
It does not matter any more, as their holy mission to get Ubumbu The Magnificent elected was successful.
They can be thrown away now.
May is a lovely time for the "Journalists" to dine out, anyway.
The dumpsters are cool enough at night, and have not brought the flies yet.
Having flunked Journalism 101, Pinch Sulzberger has just enrolled in Accounting 101.
No need. The Obamists already get coverage as good as it gets.
What idiot would willingly lend money to a company that is already $1 billion in debt, ready to default on a $400 million loan and only has $46 million in cash?
Perhaps if they actually deployed their resources in that manner they would still have a modicum of credibility. Instead they send platoons of journalists to Alaska to dig up dirt on Palin. Meanwhile the anointed one, the appointed one, the messiah ... gets a free ride.
.......we are evaluating future financing arrangements.....
Since being shut out by the New York banks, feelers are out to Tel Aviv shy locks and the Embassy of Venezuela. Phone calls to Lehman Brothers were not returned.
Pinch recently spent 50 mil to layoff hundreds of people leaving NYTCO with -4 mil of cash.
Yes, but they need the NYT to survive, which, as your many posts attest to, it won't be able to on its own merits.
Tell me when the LA Times cease to exist
Breaking: Is another big payroll cut in the works?
Maybe they can sell ads for X-ray specs, Whoopie Cushions, and Sea Monkeys on the front page.
If the New York Times and Washington Post go out of business, how are the network news programs going to know what to report on? I guess they’ll just have to go directly to the Daily Kos for marching ordrs.
9 Cutting Weekend Morning News - 1/6 - UPDATED: DCRTV first reported on Monday that budget-slashing Gannett’s Channel 9/WUSA will be axing its low-rated weekend morning newscasts. Last one: 1/18. The replacement: Mainly revenue-generating infomercials. In a staff memo, WUSA President/General Manager Allan Horlick writes: “Effective January 24th, we have decided to utilize the Saturday and Sunday morning time periods where we have traditionally produced our weekend morning newscasts, as the launch pad for a variety of new initiatives which we will now be free to develop. Some of this content may be produced under the direction of our Information Center and some by other departments in the station... These time periods will be used to directly generate sales revenue through outside productions”.....
Please may it happen quickly, but with as much suffering as possible. I want everybody associated with those liberal, socialist, America-hating newsrooms to lose their jobs, their savings, their homes, and their families. The damage they have done to traditional American culture cannot be overstated.
Happy New Year!
What happened to living within a budget like the rag preaches the government (and we) should do?
The liberal Times management and the DemoRat crooks in Congress are interchangeable when it comes to economic smarts in running anything.
Disaster for each is inevitable and was foreordained when each started taking in each other's laundry over five decades ago.
Both entities are broke......financially and morally.
The Slimes is looking for an FDR in Barack Marx Obama.......and it ain't gonna happen.
Pinch needs to close down while there is enough money left, either directly or through a sale, to sustain him in the style to which he has become accustomed.
Times Shatters Tradition with P.1 Ad
That is awesome!
Please, oh please.
Having made that major (as yet unproductive) investment their legal beagles had a hissy fit the first time Free Republic and other websites began referencing them (so we could disuss, disect and criticize their news articles).
So the LA Times and the Post SUED.
Since then they've had a devil of a time getting anybody reputable with serious internet experience to run their on-line show for them.
They never will either, but they set the pattern for dealing with internet competition ~ sue first even before there's a market for your stuff, which is why I stay away from both websites. You can't trust those pukes. Eventually they will sue their readers, just the same as when they sued their only expositors. We gave them coverage they couldn't get on their own and they rejected it.
When they close down WarshPost headquarters I might buy a desk or something ~ as long as I can get Ben Bradley to sign it!
You’ve touched on part of what I picked up in the Slate piece. The Drive-Bys always felt themselves arbiters of what was and wasn’t ‘news.’ They ‘commanded’ the story. Of course the internet allowed instant feedback, and they just couldn’t stand that. It would upend generations of inbreeding.
A species such as what the NYT and the WaPo have bred themselves into cannot ever be made useful. They merely need to be exterminated.
Metaphorically speaking, of course...
What would Murdoch do with the Times if he buys after the TimesCo goes BK?
Would he strip the paper down to the bare bones operations so that the WSJ reigns supreme over New York or will he try to make the NYTimes paper profitable like he did with the Journal?
Forbes Layoffs Finally Arrive: 19 Fired From Magazine, Web
I'm not sure he's made the WSJ profitable. I've not seen any numbers broken out for them since he took them over.
If the market for newspapers is shrinking in NY, then Murdoch may discretely run the NYTimes into the ground just to make sure there is no serious competition for the Journal.
They’re doing just fine on their own. Rupert needs to do nothing to help, lol.
Funny, but Murdoch could instantly cease operations a few months after buying it. The Journal would then be King of the Mountain and have the lucrative and gigantic NYC market all to it’s self.
At least, that is what I would do if were the Big “M”.
Independence From the Press Rocks the Gatekeeper's World... the idea of the press as the great adjudicator has also been knocked down.
Myself, I think Ann Coulter’s attack style is the way we should deal with the Drive-Bys. I’ve believed that for 30 years.
The silver lining...
It is like they are trying to sell buggy whips after the advent of the automobile. They are just out-of-step with their customer base.