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| Economy |
| 'Time keeps on tickin ticken ticken into the future' |
| 2009-05-02 |
| The New York Times Co. overnight gave the unions at the Boston Globe a bit more breathing room overnight to negotiate $20 million in concessions, extending the deadline until midnight tomorrow. The extension, which was granted after this morning's midnight deadline came and went without a resolution, will enable both sides to work through the weekend in order to save the 137-year-old newspaper from being put out to The Times had given until midnight this morning for the Globe's unions to come up with $20 million in savings or the paper would be shut down. The newspaper publisher said the Globe was expected to lose $85 million this year, after having lost $50 million last year. According to the Globe's Web site, both sides agreed to the extension after they concluded that enough progress had been made after the original deadline came and went to keep talking through the weekend. Reps for the unions said in a statement that they had agreed to deep pay and benefit keeps that they felt could save the paper. The cash-strapped Times is scrambling to slash costs and raise capital as looks to service $1.3 billion in debt and shore up its business amid a brutal advertising slump. The company last week revealed that while it has accesss to credit lines, it actually has just $34 million in uncommitted cash on hand. That the Times would consider shutting down the venerable Globe marks a sharp reversal of fortune for both the company and the paper. The Times in 1993 paid a whopping $1.1 billion for the Globe, but ever since then the paper's value has collapsed. Today, one Wall Street analyst pegged the value at around $20 million. |
| Posted by:GolfBravoUSMC |
| #11 Apparently the loan the Times received from Carlos Slim has an outrageous interest rate -- something like 12 to 14% It's 14%. The cash-strapped Times is scrambling to slash costs and raise capital as looks to service $1.3 billion in debt and shore up its business amid a brutal advertising slump. No mention of the Times' failed attempt to nationally export the "Manhattan Mindset", then when it wasn't working, getting caught in a vicious feedback loop when it tried to stroke its at-home urban hip-leftist base. |
| Posted by: Pappy 2009-05-02 20:29 |
| #10 except it's not good money. It's the Sulzberger family and suckers they've had remora on for the thrill of f*cking the nation. Hope they all die penniless and in the streets |
| Posted by: Frank G 2009-05-02 20:11 |
| #9 My mother used to call this throwing good money after bad. |
| Posted by: Jumbo Slinerong5015 2009-05-02 19:47 |
| #8 Dear Times, Die. And stay dead. Cordially, Flyover Country. |
| Posted by: OldSpook 2009-05-02 19:09 |
| #7 Anguper Hupomosing9418, for shame! Go to your room! ;-) |
| Posted by: trailing wife 2009-05-02 18:47 |
| #6 This is a Global Warning. |
| Posted by: Anguper Hupomosing9418 2009-05-02 15:54 |
| #5 Time keeps on slippin slippin slippin into the future... |
| Posted by: Free Radical 2009-05-02 14:29 |
| #4 Steve, they are paying how much interest? Sheesh, my stupid credit card checks give me a better rate than ol' Pinchy's getting. He must have a crappy FICO score. ;) |
| Posted by: Cornsilk Blondie 2009-05-02 13:43 |
| #3 Apparently the loan the Times received from Carlos Slim has an outrageous interest rate -- something like 12 to 14%. And they had to provide discount points. And I wonder if Carlos will be at the head of the line when the Times goes belly-up. |
| Posted by: Steve White 2009-05-02 13:07 |
| #2 still hoping Kerry will ride to the rescue with a bailout |
| Posted by: Frank G 2009-05-02 11:15 |
| #1 ... amid a brutal advertising slump. Which has nothing to do with circulation stagnation or decline now does it? Not here. No Sir. /sarc off |
| Posted by: Procopius2k 2009-05-02 10:45 |