Another excess of free markets
Posted by aogMonday, 27 October 2008 at 09:31 TrackBack Ping URL

Via WizBang is this heart warming story about how the management of the NY Times could drive it in to bankruptcy. It’s worth reading, but to me the money quote was this —

His cousin Michael Golden, vice-chairman of the company […] oversaw the sale of the old New York Times headquarters on 43rd Street—which the buyer turned around and sold three years later for a $350 million profit (enough to fund the newsroom for more than a year, notes one Times veteran). [emphasis added]

It costs almost $350M per year to run the NY Times news room? I would ask, “on what in the world could they spend that kind of money?” but hey — they’re liberals. Burning big chunks of money for very little return is what they do.

P.S. If you still can’t crack a smile, try this.

Comments — Formatting by Textile
Tom C Tuesday, 28 October 2008 at 07:29

I think Pinch wants a government job, pension and health care included.

cjm Saturday, 01 November 2008 at 09:32

how much damage does pinch have to do before the rest of the family give him the heave ho? i think the brand is permanently damaged now, and the nytimes won’t be coming back. bush has turned out to be the rock upon which the msm was dashed to pieces. funny how murdoch seems to have retained value for his holdings.

Tracked from Random Jottings: A "propaganda arm of the left" going down in flames. Ha ha. on 29 October 2008 at 10:26

Thanks to AOG. A fascinating piece at Winds of Change, by Tim Oren, on the decline of the newspaper industry, The Newspaper Crash of 2009... And How You Can Help... Three reasons the newspaper industry is going down. Perhaps...

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