Saturday, October 25, 2008

New Obama Times: Running on empty.


New York Times endorses Obama for president NEW YORK (Reuters) - The New York Times endorsed Democrat Barack Obama for U.S. president on Thursday, saying he had "met challenge after challenge, growing as a leader and putting real flesh on his early promises of hope and change."

Yeah, and now for some news:

New York Times Company sinking faster -

Thomas Lifson
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. That's critical because Sulzberger family members control the board of directors, and many of them depend heavily on dividend income for their lifestyles.

"Our board of directors plans to review our dividend policy before the end of this year to determine what is most prudent in light of the overall market conditions," the company's chief executive, Janet Robinson, said in a statement.

Pinch Sulzberger hiked the dividend from 17.5 cents to 23 cents a share to buy family support, whatever the cost to then company's ability to cope with the maelstrom of economic forces it must navigate. He clearly put his own tenure in office above the survivability of the company, in effect liquidating it in slow motion.

When the brighter among the staffers of the New York Times realize that Pinch has sacrificed the viability of the company in order to keep himself in office, they will turn on him. But that will probably be after the family tosses him out (it will be called voluntary retirement), now that (presumably) they have caught on themselves that Pinch has been scuttling the Good Ship New York Times through decades of disastrous business decisions. Those smaller checks are really going to pinch, now that the stock market and real estate are down.

Anticipating the dividend cut, investors are dumping the stock and it is below $10 for the first time in many years.

Yes, many people have stopped subscribing to the NYT for the simple reason that they use the Internet to read at Covenant Zone instead; but many must be plumb fed-up with the pimping for Obama that the Times tries to pass off as news and intelligent editorial. More than Obama: people are likely just disgusted by the leftard vision the Times presents as the way of sophisticated people. It ain't; and in a world where people have to choose wisely how to spend their limited time, they are decreasingly opting to spend their time and money on the NYT. The market tells, the smart money seeking new visions, regardless of how "stupid" we are, those of us who have abandoned The New York Times.

There will always be the NYT, but it'll be an obvious joke, like a fancy version of a street-corner give-away paper. The people speak. They say: The Times, they are a'collapsing.


truepeers said...

...and if we start saving our pennies, we could be the ones who take the NYT to the freebie transit rider version...

New York CZ Times?
New Covenant York Times?
Covenant New York Zone Times?

I want the restaurant reviews...

Dag said...

I'll take on the theatre reviews.

Man, I'm getting fitted for the tux s soon as I see the next quarterly earnings report.

Good Times. Yowzah!

Charles Henry said...

I'll contribute by starting up a comics page for them... an oversight left uncorrected for too long now.

Dag said...

'm thinking we can turn this best around. I have a special recipe for Kraft Dinner that will have people banging down the doors to get a copy of our revamped NYT.

I can see the limo approaching, a "DAG" license plate in solid grey.