Posted on 02/22/2016 12:01:59 PM PST by PJ-Comix
It has been announced that the New York Times public editor aka ombudsman Margaret Sullivan will be moving over to the Washington Post. So does that mean the Post is now lifting its three year old decree against continuing the post of ombudsman? Nope. Sullivan is going to become a media columnist which makes one wonder if she will be supplanting Erik Wemple who in the same role is confined mainly to the digital edition.
However, rather than speculate on Wemple's fate, let us take a Newsbusters trip down Margaret Sullivan memory lane in her role as the Times public editor in which she often acted as excuse editor. First memory to be reviewed will be from last June when Clay Waters noted her fretting over the Times coverage of Hillary's email problems that was perhaps a bit too thorough for liberal sensibilities:
(Excerpt) Read more at newsbusters.org ...
Its actually the Bezos Post now.
The Grahams couldn’t keep their leftwing rag afloat financially
so they gave up and sold it to Jeff Bezos.
The failing commie rag, the NY TIMES, sold its building to stay afloat financially a number of years ago.
Later, to keep from going under the NY TIMES got a loan from Mexican billionaire Carlos Slim which they never will be able to repay.
He makes a huge amount a year on interest from the loan.
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Carlos Slim Still Reaping Big Rewards From NY Times Loan
by Edmund Lee January 21, 2014
http://www.bloomberg.com/news/articles/2014-01-21/carlos-slim-still-reaping-big-rewards-from-ny-times-loan
Billionaire Carlos Slim is poised to double his money after investing $250 million in a 2009 lending agreement with the New York Times, showing how dearly the newspaper’s owners paid for his help.
Slim, who controls mobile-phone carrier America Movil SAB and is the world’s second-richest person according to data compiled by Bloomberg, already has earned $122 million from his loan to the Times, based on an annual interest rate of 14 percent and a 12 percent premium charged to the company when its debt to Slim was redeemed in 2011.
Under the terms of the loan, the Times still owes Slim additional shares worth as much as $141 million based on the Jan. 17 stock price, thanks to options he received to buy shares at what is now a deep discount.
Slim’s loan to the Times gave the publisher time to sell some assets and bolster a digital-subscription strategy to offset slumping ad sales. The agreement with Slim required the parent New York Times Co. to accept terms that effectively reduced a stock market windfall five years later. By selling 15.9 million shares at a fraction of their market value, the company risked giving up more than $100 million it could raise through an offering to the public.
“The Times had financial issues when they borrowed money from Carlos Slim,” said Thomas Graham Kahn, president of Kahn Brothers Advisors, a Times Co. investor.
Interest Rate
The 14 percent interest rate charged to Times Co. on Slim’s loan, which was announced Jan. 19, 2009, compared with the average bond yield of 13.41 percent that day for similarly rated borrowers on the Bank of America Merrill Lynch 1-to-10-Year BB U.S. High Yield Index.
The interest on Slim’s loan was the highest rate Times Co. paid on debt dating back to at least 1995, according to data compiled by Bloomberg.
As of last week’s close, Slim’s profit from the loan stood at $263 million, including the loan’s interest and premiums and the warrants issued by Times Co. as part of the loan deal.
They let Slim buy shares for $6.36 apiece, less than half Times Co.’s $15.22 close last week in New York trading. That gives Slim $8.94 in potential profit for each of the 15.9 million shares he’s allowed to buy.
A $263 million return is still a drop in the bucket for Slim, whose $69.6 billion fortune puts him behind only Bill Gates among the world’s richest, according to the Bloomberg Billionaires Index.
Pinch sold it for too little. Shortly after he sold it, the guy who bought it resold it for several times what he paid.
And what about the longtime Washington Post building which was also sold recently?
Is it Pinch or Punch?
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