Are you talking about the newspaper and it's viability or the new building they just built?
Nevermind. The NY Post is a much better "business model" and when I say "business model", I mean it in the Conservative/Republican sense of corporate welfare Think-Tankery) http://www.journalism.org/node/6757 "Murdoch originally bought this New York tabloid in 1976 from long- time owner Dorothy Schiff, who had made it arguably the most liberal newspaper in the country. The editorial slant shifted under Murdoch, but ultimately his TV interests conflicted with the Posts ownership. FCC rules barred one company from owning a TV station and newspaper in the same city and Murdoch had purchased local TV station WNYW. So he sold the paper. In 1993, with the Post apparently on the brink of shutting down, Murdoch offered to buy it back if the FCC granted him a waiver. Several New York politicians fought for Murdoch, including then Governor Mario Cuomo who was often skewered on its editorial pages. A frothy mix of gossip, grit, and conservative ideology, the paper, with a current circulation of about 690,000 is estimated to lose millions each year, so many that it seems unlikely most publicly traded corporations would justify sustaining it. (A 2005 Business Week story put that number between $15 and $30 million a year.) It is the one U.S. daily Murdoch currently owns." Ahem. On Dec 22, 2008, at 5:00 PM, justifiedright wrote: > --- In AsburyPark@yahoogroups.com, Jersey Shore John > <jerseyshorej...@...> wrote: > > > Most people would not describe the NYTimes as a "failing" paper. > > Ahem....... > > Times Co. to borrow against building > By Richard Pérez-Peña Published: December 8, 2008 > > The New York Times Company plans to borrow up to $225 million > against its mid-Manhattan headquarters building, to ease a potential > cash flow squeeze as the company grapples with tighter credit and > shrinking profits. > > The company has retained Cushman & Wakefield, the real estate firm, > to act as its agent to secure financing, either in the form of a > mortgage or a sale-leaseback arrangement, said James Follo, the > Times Company's chief financial officer. > > The Times Company owns 58 percent of the 52-story, 1.5 million- > square-foot tower on Eighth Avenue, which was designed by the > architect Renzo Piano, and completed last year. The developer Forest > City Ratner owns the rest of the building. The Times Company's > portion of the building is not currently mortgaged, and some > investors have complained that the company has too much of its > capital tied up in that real estate. > > The company has two revolving lines of credit, each with a ceiling > of $400 million, roughly the amount outstanding on the two combined. > One of those lines is set to expire in May, and finding a > replacement would be difficult given the economic climate and the > company's worsening finances. Analysts have said for months that > selling or borrowing against assets would be the company's best > option for averting a cash flow problem next year. > > Standard & Poor's recently lowered its credit rating on the Times > Company below investment grade, and Moody's Investors Service has > said it was considering a similar move. Times Company stock, which > has lost more than half its value this year, closed on Friday at > $7.64, down 30 cents. More Articles in Business » A version of this > article appeared in print on December 8, 2008, on page B2 of the New > York edition. > > > [Non-text portions of this message have been removed] ------------------------------------ Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) <*> To change settings via email: mailto:asburypark-dig...@yahoogroups.com mailto:asburypark-fullfeatu...@yahoogroups.com <*> To unsubscribe from this group, send an email to: asburypark-unsubscr...@yahoogroups.com <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
