Skip to comments.New York Times Will Vacate 8 Floors In Its HQ To Generate "Significant Rental Revenue"
Posted on 12/16/2016 12:41:07 PM PST by Rockitz
Remember when The NYT reported that its ad hoc campaign to boost revenue by selling subscriptions in response to the vicious back and forth with Donald Trump, was said to be a smashing success? Perhaps it was subscriptions for the crossword puzzle because it appears the monetary success was not smashing enough, and according to a just released note from executives Arthur Sulzberger and Mark Thompson, the newspaper will vacate at least eight floors in its iconic building, allowing it to "generate significant rental income" because it is "frankly, too expensive to occupy this many floors when we dont truly need them."
Maybe the lesson here is that when the newspaper business model no longer works, one can just pivot into a REIT?
The remaining staff will be consolidated on the remaining, redesigned floors in a "more dynamic, modern and open workplace, one that is better suited to the moment."
Furthermore, the NYT publisher and CEO will lose their corner offices, which they call a "vestige from a different era" and will "introduce more team rooms and common spaces."
It is unclear if NYT would distribute pink slips as part of the cost-cutting effort, however as the letter adds, "in the end, these changes will impact every employee at 620 Eighth Ave. In the near term, we will have to move about 400 employees out of the building to nearby office space while the first phase of work is completed. ... Your manager will notify you if your position is affected by this temporary move. We understand and appreciate the disruption this will inevitably cause and we will do everything in our power to mitigate it."
But aside from all that, subscriptions are soaring, we promise.
(Excerpt) Read more at zerohedge.com ...
I think the Russians should rent it
Or maybe the Trump 2020 campaign HQ
Oh.....the humanity.... What will we use to line the bottom of the bird cage???
NYT emulates The Donald. Becomes Land(Slum)lord - ;-).
Didn’t they have their cronies in city hall acquire that location through eminent domain?
I like it!!!
Winning! Winning! Winning! Winning! Winning! Winning! Winning! Winning!
The Slimes should rent those eight floors out as a homeless shelter and then INTEGRATE.
Why don’t they really raise a lot of cash and vacate all of it? It would be a boon to the nation.
Thought the gray lady had deep pockets
8 floors could house a shit ton of Syrian migrants
all men under 40 of course
And the Times employees will do the janitor work.
The problem for the Times is that Facebook can generate fake news at a much more efficient cost structure.
Welcome to your new cubicle.
They don’t know they are dead
In the summer of 2008, three men illegally climbed the external facade of The New York Times Building within a month of each other, with the first two on the same day. The three climbers were not associated with one another.
Let it stay unrented. Cut off any cash flow.
Starve the beast.
Any business renting from these #fakenews hacks will never be pursued by an investigative reporter.
Journalism is dead.
If I had Trump’s clout I would try to force them into making low income subsidized housing.
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