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New York Times Will Vacate 8 Floors In Its HQ To Generate "Significant Rental Revenue"
ZeroHedge.com ^ | 16 December 2016 | Tyler Durden

Posted on 12/16/2016 12:41:07 PM PST by Rockitz

Remember when The NYT reported that its ad hoc campaign to boost revenue by selling subscriptions in response to the vicious back and forth with Donald Trump, was said to be a smashing success? Perhaps it was subscriptions for the crossword puzzle because it appears the monetary success was not smashing enough, and according to a just released note from executives Arthur Sulzberger and Mark Thompson, the newspaper will vacate at least eight floors in its iconic building, allowing it to "generate significant rental income" because it is "frankly, too expensive to occupy this many floors when we don’t truly need them."

Maybe the lesson here is that when the newspaper business model no longer works, one can just pivot into a REIT?

The remaining staff will be consolidated on the remaining, redesigned floors in a "more dynamic, modern and open workplace, one that is better suited to the moment."

Furthermore, the NYT publisher and CEO will lose their corner offices, which they call a "vestige from a different era" and will "introduce more team rooms and common spaces."

It is unclear if NYT would distribute pink slips as part of the cost-cutting effort, however as the letter adds, "in the end, these changes will impact every employee at 620 Eighth Ave. In the near term, we will have to move about 400 employees out of the building to nearby office space while the first phase of work is completed. ... Your manager will notify you if your position is affected by this temporary move. We understand and appreciate the disruption this will inevitably cause and we will do everything in our power to mitigate it."

But aside from all that, subscriptions are soaring, we promise.

(Excerpt) Read more at zerohedge.com ...


TOPICS: Business/Economy; Extended News
KEYWORDS: dinosaurmedia; nyslimes
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To: Rockitz

What they think of realtor Trump... “Imitation is the sincerest form of flattery “?

Bloomberg has probably offered double rents- from the NYC budget.


21 posted on 12/16/2016 12:58:36 PM PST by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat/RINO Party!)
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To: Rockitz

Gerald Celente called it years ago: “The toilet paper of record”.

Death by self inflicted wounds.


22 posted on 12/16/2016 12:59:32 PM PST by Paulie (America without Christ is like a Chemistry book without the periodic table.)
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To: Rockitz

The Times propaganda rag is a sinking ship without a port in mind. The National Enquirer, once considered a rag, today does far more credible research than the NYT. In fact, it’s doubtful the Times has done any thorough, honest research on any topic in a very, very long time.


23 posted on 12/16/2016 1:00:54 PM PST by Seeing More Clearly Now
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To: Rockitz

The NYT is owned by a Mexican Drug Lord....maybe they’ll open up a drug outlet with the empty space.


24 posted on 12/16/2016 1:05:09 PM PST by WKUHilltopper
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To: mrsmith

Maybe this should be Trump’s last deal for 8 years.

Rent the 8 floors and have them filled them with bull$hit and just let it sit there.


25 posted on 12/16/2016 1:05:14 PM PST by Rockitz (This is NOT rocket science - Follow the money and you'll find the truth.)
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To: mrsmith

Maybe this should be Trump’s last deal for 8 years?

Rent the 8 floors and have them filled them with bull$hit and just let it sit there.


26 posted on 12/16/2016 1:05:30 PM PST by Rockitz (This is NOT rocket science - Follow the money and you'll find the truth.)
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To: Rockitz

They previously occupied only floors 2 through 21, so this is a 40% reduction in office space.


27 posted on 12/16/2016 1:06:38 PM PST by dangus
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To: Rockitz

Maybe they should rent them to Breitbart, which probably is expanding.


28 posted on 12/16/2016 1:09:05 PM PST by kaehurowing
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To: dangus

In that buiding, but supposedly they are moving some employees offsite. Sounds like step one to a layoff...


29 posted on 12/16/2016 1:09:06 PM PST by Rockitz (This is NOT rocket science - Follow the money and you'll find the truth.)
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To: silverleaf

Great ideas!

They are simply going to have raise their productivity and get the same amount of bulls**t out of far fewer floors of people.


30 posted on 12/16/2016 1:09:51 PM PST by Attention Surplus Disorder (Apoplectic is where we want them!)
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To: circlecity

> “The remaining staff will be consolidated on the remaining, redesigned floors in a “more dynamic, modern and open workplace, one that is better suited to the moment.”

Red Swingline staplers will be optional (Office Space reference).


31 posted on 12/16/2016 1:10:04 PM PST by glorgau
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To: Rockitz
Awriiight!

I once had every intention of being a journalist. I got my first job in journalism and got to know people in the profession. I Knew I didn't want to be like them or share their beliefs, even back then.
32 posted on 12/16/2016 1:12:13 PM PST by righttackle44 (Leave the bodies as a warning-take scalps.)
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To: Rockitz

Watch them call Trump Inc. to manage the space.


33 posted on 12/16/2016 1:12:33 PM PST by DoughtyOne (jcon40, "Are we be coming into the age of Sanity?")
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To: Rockitz

Trump should appeal to DiBlasio to rent out those floors to homeless people at significantly under market rates. I would LMAO.


34 posted on 12/16/2016 1:12:54 PM PST by Attention Surplus Disorder (Apoplectic is where we want them!)
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To: silverleaf

8 floors

1. Syrians
2. Homeless
3. Somalians
4. MS-13
5. More Homeless
6. Gitmo evacuees
7. BLM
8. ANARCHISTS


35 posted on 12/16/2016 1:13:35 PM PST by Beautiful_Gracious_Skies ('45 will be the best ever.)
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To: silverleaf

Most likely will rent it out for free to NAMBLA.


36 posted on 12/16/2016 1:15:30 PM PST by Flavious_Maximus
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To: Rockitz

Down goes NYT! Down goes NYT!


37 posted on 12/16/2016 1:18:11 PM PST by xp38
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To: Rockitz; abb

ping


38 posted on 12/16/2016 1:19:03 PM PST by bert (K.E.; N.P.; GOPc;WASP .... Macroagression melts snowflakes)
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To: glorgau
hmmm... perhaps the interior designers of the NYT office space tried to send a message to management.

The NYT News Room, red stairs going down, down, down and out, just like their revenues.

39 posted on 12/16/2016 1:22:30 PM PST by Covenantor (Men are ruled...by liars who refuse them news, and by fools who cannot govern. " Chesterton)
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To: Rockitz

Any business renting from these #fakenews hacks will never be pursued by an investigative reporter.

Journalism is dead.


40 posted on 12/16/2016 1:23:44 PM PST by SoFloFreeper (Isaiah 25:8)
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