NY Times Gone In '09? (Murdoch Awaits?)

Riehl World ^ | December 22, 2008 | Dan Riehl

[GOPGuide]

From 24/7 Wall St - based upon background and financials, ten major companies predicted to go away in 2009. Number 6 on the list? The New York Times. h/t An email from Pundita:

24/7 Wall St. looked at some of the largest and most well-known companies, reviewed their SEC filings if they are public, analyst reports, and media observations about their businesses and picked ten that probably won’t be around at the end of next year.

6) 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 estate market. 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.

[MovementConservative]

One more ace in the hole Pinch has is a theoretical 400 million line of credit. When you are talking that type of money, I don't know if the same principles apply like the credit lines you and me have with our banks.
The Times is profitable. So are most papers not named the SF Chronicle. For any takeover to occur the various members of the Ochs and Sulzberger clans have to get tired of not receiving their huge dividend checks they are accustomed to receiving. They took a hit this last quarter, they may not be so understanding next time. If they start giving up that controlling class stock(NYT is dual class) then a takeover can occur. Not before then though.

[Tex-Con-Man]

Old Sarge can correct me if I am mistaken, but I think he is saying that if Caroline is the heir apparent to Hillarys’ senate throne, the NYTimes will request “bailout funds” in order to “save the first amendment”.

I've feared this for a while now. Some senator is gonna sneak it into some bill...some “bridge loan” (never to be paid back) to the NYTimes.

Or maybe they'll call it, “The freedom of the press protection act”.

Frankly I think it will be Schumer or Frank...but it could be Caroline.

I don't believe the Dem party will let the NYTimes go out of business...and they are in charge.

[Lancey Howard]

If Murdoch waits a little longer he will be able to pick up that toilet tissue for a song:

[airedale]

What they did for the paper they want to do for the country.

[Common Tator]

"I don't believe the Dem party will let the NY Times go out of business...and they are in charge."

Pinch Sultzburger is in charge of the N.Y. Times. And he will hold on to it until the option is corporate bankruptcy and personal bankruptcy. Then he will sell to Murdock.

If you have observed Democrats you will find they love to spend your money but absolutely hate to spend their own.

Teddy Kennedy has allowed the Kennedy Hyannis Port estate to go into major disrepair as anyone who has visited can tell you. But he makes sure you pay for top maintenance and the finest furniture for his Washington office.

If the Democrats can't find a way to buy it with your money they won't buy it.