Posted on 05/11/2009 2:57:57 AM PDT by Liz
SULZBERGERS' FIRM-BASED INCOME SLIPS TO $4.5M The Ochs-Sulzberger family since 1896 has run the venerable NY Times empire has now lost more than 86% of its fortune and may have to sell their controlling stake to get out of debt......about two dozen descendants had comfortable lifestyles, living on wealth valued as high as $425M....down to a paltry $4.5M, which could shrink even more. Soaring losses amid a devastating media slump have drained corporate cash, pushed the company deeper into $1.3B debt and beckoned a stock vulture -- Mexican billionaire Carlos Slim, who bailed out the Times with a high-interest $250M loan that also threatens family control. Just four months ago, the family trust lost its biggest single source of steady cash -- a 92-cent annual dividend paying nearly $8M.......family stock fortune also crashed from a high of $411.5M four years earlier to a low in February of just $30.8M, rendering it virtually useless to borrow against or pledge in other money-making ventures. Eight family members work at the company or serve on its board, bringing in total annual paychecks of $4.5M -- currently the family's only reported source of company income -- down by nearly half in the last two years. The biggest breadwinner, Chairman Arthur "Pinch" Sulzberger, 57, saw his $100,500 dividend checks disappear when dividends got canceled earlier this year. His other compensation for running the company got slashed to $2.4M in 2008, down from $4.4M in 2006.
(Excerpt) Read more at nypost.com ...
Heartbreaking. I’m just misting up something fierce.
Well, it would be tough... But I think I could somehow squeeze by on 4.5 million.
But who knows... Maybe Mexican Slim can return a degree of honesty to NYT journalism.
Yeah, I doubt that he has any intentions in that direction, but I am forever an optimist.
(Yeah , Right... If you believe that, I have some beachfront property in Kansas that I’m selling cheap.)
ping
How many out there would love to see Pinch in the welfare line or selling apples on Madison ave.?
Somewhere along the line the Times decided it couls urvie even if it angered half it’s readers. They took up the liberal mantle and tossed Conservatives aside. A bdd decision made by it’s liberal owners.
They stopped reporting the news and became a propaganda agent for the Democrat party.
I dont feel bad for them at all.
http://www.nytimes.com/2009/05/11/business/media/11paper.html?ref=business
Few TV Reports on Audience Flight
http://www.nytimes.com/2009/05/11/business/media/11local.html?ref=business
Ad Losses Put Squeeze on TV News
http://www.nytimes.com/2009/05/11/business/media/11idol.html?ref=business
No Slowing in Cash Flow for ‘Idol’
http://www.reuters.com/article/marketsNews/idUSLA52492520090510
News Corp plans micro payments for WSJ website
Poooor Pinch.
Dad Arthur Sulzberger, Sr: “If a young American soldier comes upon a young North Vietnamese soldier, which one do you want to see get shot?”
Idiot son "Pinch" Sulzberger, Jr: “[That's] the dumbest question I ever heard in my life. I would want to see the American get shot. It’s the other guy’s country.”
People and families who have been wealthy for this long usually have managed to accumulate other assets. I’m sure Pinch and his relatives have considerable portfolios containing stock other than NYT.
Not to worry, John Kerry (he was in Vietnam you know), is going to get them a bailout.
Possibly. But none (that I know) of the Ochs/Sulzberger family has branched out into any other business or enterprise that could create significant wealth.
http://books.google.com/books?id=HbWJhypsD30C
The Trust: The Private and Powerful Family Behind The New York Times
"Turning tricks in a bus terminal" is a better match to his aptitudes.
Man that paints a very disturbing picture but appropriate.
Things ok in Mass?
That truly is the face of suffering. Well, you know, posed and composed for a picture.
What happened...did she drop her carrot through the fence?
That is funny.
“Not to worry, John Kerry (he was in Vietnam you know), is going to get them a bailout.”
http://www.businessinsider.com/the-ridiculous-newspaper-bailout-begins-2009-5
Excerpt:
Yesterday, Sen. John Kerry held a hearing on the “Future or Journalism” — but we’ll just call it what is was: A hearing about a possible newspaper bailout.
He would probably go broke selling apples because he would throw out the right side of every apple and try to get by selling only the left one.
The family could have removed Pinch years ago. It wasn't like everyone around couldn't see what was happening.
A good number of leftest usually manage to make everyone else pay for it instead...
There must be something wrong with my monitor. Usually it gets blurry when displaying sad stories such as this. For some reason, it’s prefectly clear. It’s also perfectly clear to me that unbalanced liberalism doesn’t sell, even in NYC.
Unfreakin-believable!
Like a major league baseball team losing, ya don’t fire the team, ya get rid of the manager.
Hard to believe once very good papers like the Times and Wash. Post have become partisan rags.
Joe, a good argument can be made that they have been all along. But now with the internet to check behind them, it has been revealed more clearly.
A good number of leftest usually manage to make everyone else pay for it instead...
Look at today's news: US newspapers eye government support
I assume if Carlos Slim takes control, the paper will continue is leftwing socialist bias - i.e. no change in content?
Bad to worse. Refuse to work,vote Democrat, and get a FREE CAR!!!
Yes, Operators are standing by! CALL TODAY!
(Also ask for the free termite book.)
BUT WAIT! There's MORE!!
Order your *Free Car* today, and get a SHAMWOW to wax it with!!!!
This is getting grotesque.
If Pinch was selling apples, as soon as sold five and had a quarter in his pocket, he would start designing a 50 story hi-rise apple selling headquarters building, to be financed by the increased apple sales he would make standing in front of such a nice building.
Suicide by bias.
Well, it’s happened before....they even wrote a song.
Over the hill to the poor house
1. Oh how can it be they have driven
Their father so helpless and old
Oh God may their crimes be forgiven
To perish out here in the cold
Chorus:
I’m old I’m helpless and feeble
And the days of my youth have gone by
And it’s over the hill to the poor house
I must wander alone there to die
2. Long years since Mary was taken
My faithful affectionate wife
Since then I’ve been alone and forsaken
The light has died out of my life
Chorus:
3. I gave them the house they were born in
A deed to the farm and more
I gave them the place that they lived on
And now I am turned from its door
4. Oh me on the doorstep up yonder
I’ve set with my babe’s on my knee
No father so happy or fonder
Than I of my little ones three
http://www.washingtonpost.com/wp-dyn/content/article/2009/05/10/AR2009051002044.html
Lack of Vision To Blame for Newspaper Woes
Raoul's Second Law of Journalism
Ignoring Bias = Bankruptcy
In 72 and 73 I lived in D.C. and read the Post every day watching the Nixon debacle. Though partisan at the time they still presented facts and did not make things up to meet their ideals.
Now I’m skeptical of anything written in them.
I could use a new car, maybe if I can come there as a part time resident and get Mass. Citizens to buy me a new vehicle I’d promise to go back to Florida come September.
Here’s the way I now look at it all:
What if “And that’s the way it is...” never really was?
What if Tet really wasn’t a victory for the NVA?
What if Watergate was nothing but a media coup d’état?
I worked at the Pentagon at the time of Watergate. Top Secret communications.Nixon was dirty, and a whole lot more so than came out.
Honest.
Britain's Got Talent singing sensation Susan Boyle has the perfect
response to Pinch. Set your coffee cup down, then click HERE.
I doubt Nixon was any worse than the community organizer from
Chicago.
You know, the one who is buddies with Rezko?
I’m just not in a position to see it 1st hand.
http://www.weeklystandard.com/Content/Public/Articles/000/000/016/493gurnm.asp
Thinking on Film
The way the wind is blowing for newspaper movie critics.
by John Podhoretz
Lester & Earl
Lester & Earl
So the NYT is in hock to Carlos Slim - so what? All that is is just a contract, and in the Chrysler/GM instances our president has showed what that is good for in his America.
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