The NY Times, like other troubled firms in troubled industries, is selling assets to stay afloat.
The Detroit auto makers which, in more prosperous times, bought stakes in other brands, is selling them off in an effort to stave off bankruptcy. Ford has sold its stake in Mazda, Aston Martin, Jaguar and Land Rover. It is trying to sell Volvo.
General Motors has spun off many of its former divisions, tried to sell its light truck business to Navistar and is trying to sell Saab, the Swedish car maker.
Of course we all know that the Detroit auto giants are headed for the ash heap of history. The other industry in precipitous decline is the newspaper business. And the General Motors of newspapers is the NY Times who just announced that ad sales skidded 20.9% in November. That is not as bad as auto sales (down 37%) but much, much worse than virtually every other industry, including retail sales.
So I am pleased to report that the NY Times company is also selling assets to survive. Its 17.5% stake in the Boston Red sox is up for sale. With revenue plunging and no end in sight, we are confident that the Pinch Sulzberger will be as successful as GM’s management in avoiding bankruptcy.
Perhaps a merger with PBS?
Or perhaps it can be rescued by Pajamas Media.
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