As reported in the IHT today. , the New York Times is having a serious cash crunch.
They have a $400 million line of credit that is scheduled to expire in May. Unfortunately experts and insiders think the stumbling old grey lady won't qualify for more credit without collateral. Enter the centerpiece of the Times empire. Their brand new building in Times Square.
Reportedly the paper, which only finished building the structure last year, is being pressured by investors to get and stay liquid. Despite the obvious risk of having those loons with additional access to cash, the investors are worried that the paper won't survive the first two years of Obammunism without the additional cash. Their stock, last year trading north of $15 is now trading at less than $8.
For those of you in other places... I live in NY and I see people reading it less and less frequently. Every time the circulation numbers come out they are down down down down down.
Stay tuned. There are more storms brewing at the NYT. Rumors are that some insiders want ay Sulzberger to step aside and let an adult run things. The paper has done nothing but deteriorate under his leadership, but little Pinch seems determined to ride it all the way down.
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