Friday, October 24, 2008
Real "doom and gloom" at The NY Times!
Thomas Lifson has been keeping an eye on The NY Times' financial detoriation. Frankly, it's not pretty:
"The death spiral accelerates, as NYTCo earnings fell by 51.4% in the third quarter.
As AT predicted would happen after it was raised, the company now recognizes it is unable to sustain its dividend."
Yes, you can blame this on changing habits. In other words, more and more people, specially younger people, are not reading newspapers. They are getting their news from the Internet or TV.
My guess is that there is a second problem. The newspaper has gone down hill. It used to be a serious liberal alternative to The Wall Street Journal.
Today, The NY Times is just a subsidiary of the Obama campaign and the voice of the party's left wing.
Two weeks ago, it ran a total hatchet job on Cindy McCain.
What Mrs. McCain running for? She is not a candidate. She is simply John McCain's wife. Do we now attack candidates by doing hatchet jobs on their spouses?
It's time for the adults to take over The NY Times. Otherwise, The NY Times will disappear along with other companies that can not survive financial reality. (Update: "Frankly, the Times has become far too predictable -- and so was the latest action by Standard and Poors rating agency, which cut the corporate debt of the New York Times company to "junk" status.")