Diary

The New York Times will work for food

Maybe we could offer to lend them cardboard boxes for shelter.

The Old, Gray Drunk Lady has run out of money and is running out of options to remain solvent:

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.

[ . . . ]
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.

They can save themselves with a promotional campaign: “We Will Keep Our Opinions to Ourselves.” That will get attention, then if they strip all editorial opinion from their hard news items, they might be able to pull something off.

Pinch Sulzberger might have learned that a snide but shoddy product doesn’t sell. Advertisers know this. (But maybe he have Hank Paulson’s cell number. Dodd and Barney won’t demand that Pinch submit plans and lie prostrate with his nose in his well-raked muck.)