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Thursday, October 01, 2020

How the Ochs-Sulzberger (which owns the New York Times) family dodges taxes

 

The NY Times has used hundreds of millions in tax losses to reduce its tax bill.

The company reported an annual loss for 2006 of $543 million. The Times 2006 annual report says the company’s “effective income tax rate was 3.0% because the majority of the non-cash impairment charge of $814.4 million at the New England Media Group is non-deductible for tax purposes.”


 It made bad investments and sold them for massive losses

The Times Company bought the Boston Globe for $1.1 billion in 1993, added the Worcester Telegram & Gazette for $295 million in 1999, and sold them both to Boston Red Sox owner John Henry for $70 million in 2013.


It employed family members as a way to get around gift tax limits

 including not only the outgoing chairman’s son A.G. Sulzberger, who was paid $2,075,313, but also James Dryfoos, who earned $285,022; Pamela Dryfoos, who earned $138,750, and David Perpich, who earned $931,338.


Read the whole thing.