(NY) Times Co. Is in Talks to Sell Part of Building (Dinosaur Media DeathWatch™)

The New York Times ^ | January 22, 2009 | Terry Pristin

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The New York Times Company is in advanced negotiations to sell a substantial portion of its 52-story headquarters building on Eighth Avenue in Midtown Manhattan to W. P. Carey & Company, an investment and management firm that specializes in so-called sale-leaseback transactions, the newspaper company confirmed on Thursday.

Under the deal, the Times Company would sell the 19 floors it currently uses in the building but not the 6 floors it leases to other tenants. The Times Company would continue to occupy and manage its floors and would have the right to buy back the space at a predetermined price when a 10-year lease expires. Designed by the architect Renzo Piano, the building stretches from 40th to 41st Street. It was completed in 2007.

A spokeswoman for the Times Company, Catherine J. Mathis, declined to say how much W. P. Carey would pay for the space, what it would cost to repurchase it or what the rent would be. The Times Company previously said that it was pursuing a sale-leaseback arrangement for up to $225 million and would use the proceeds to repay some of the company’s long-term debt.

“Because we are in continuing discussions, we cannot comment on the status of the sale-leaseback,” Ms. Mathis said Thursday. Guy B. Lawrence, a spokesman for W. P. Carey, declined comment on the discussions.

The Times Company owns 58 percent of the 1.5-million-square-foot tower. The developer Forest City Ratner owns the rest of the building. Forest City’s portion will not be included in the sale.

In a sale-leaseback transaction, the seller maintains control over its space and the responsibility for paying taxes, maintenance and utility costs. W. P. Carey’s investors would be guaranteed a specific return for the life of the lease.

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The beginning of the end...

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ping

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http://www.reuters.com/article/marketsNews/idESN2232215220090123?rpc=44
NY Times in building sale talks with W.P. Carey-NYT

http://www.paidcontent.org/entry/419-nytco-in-talks-to-sell-building-tribune-finds-new-cubs-owner/
NYTCo In Talks To Sell Part Of Building; Tribune Finds New Cubs Owner

http://online.wsj.com/article/SB123268738121209589.html?mod=yahoo_hs&ru=yahoo
Times Co. Nears Deal On Building

http://www.marketwatch.com/News/Story/Story.aspx?guid={C595BAEB-C6C1-42D4-8E0A-FEB662BCB385}&siteid=yhoof2
New York Times looks to sell part of Manhattan headquarters

[andyandval]

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Not yet, but it shan’t be long!

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http://www.poynter.org/column.asp?id=2&aid=157211
Memphis TV Station Uses Archives As Online Resource

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http://www.latimes.com/business/la-fi-abc23-2009jan23,0,850548.story

ABC combines TV network, production units
The cost-cutting move follows in the footsteps of NBC. Layoffs could begin as soon as next week.

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http://www.niemanlab.org/2009/01/many-newspapers-are-healthy-some-owners-not-so-much/#more-1100
Many newspapers are healthy — some owners, not so much

http://online.wsj.com/article/SB123267153226208331.html?mod=googlenews_wsj
Ricketts Picked as Cubs Buyer

http://www.chicagobusiness.com/cgi-bin/news.pl?id=32716&seenIt=1
Ricketts winning bid for Cubs

[CriticalJ]

It’s nice to start the day with a feel good story.

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http://uk.reuters.com/article/mediaNews/idUKWNA445420090122
S&P excamines Viacoms earnings prospects in new credit FAQ

http://www.google.com/hostednews/ap/article/ALeqM5iGiIBpTPhVphMgM6pRQzMthlhxxwD95SDCTG0
Entertainment mogul Redstone finalizes divorce

[Fred911]

The buyer will also recieve free, unlimited toilet paper (if they don’t mind the print).

[razorback-bert]

The numbers don’t add up 19 and 6 are 25, 58% of 52 is close to 30, so that makes 55 stories.

Then again the NYT math has never been good.

[donaldo]

Seems as if I get solicitations on a weeekly basis to subscribe to The Times. Never! I hope they and all the other liberal rags rot in hell. Their behavior (abject subservience) toward his fraudulancy was nothing less than groveling. Their conservative voice is Mr. Brooks, a conservative of the most mealy-mouthed stripe. The Wall Street Journal is about the best there is.

[Leisler]

NY TIMES To Its Self:"I'll just pawn the heirlooms that Mom and Pop left, party on Meth this long weekend and then I'll get off the leftist Heroin. Yeah, that's it, a plan!"

[NeoConfederate]

Maybe they can turn it into low rent housing. You know...actually help people.

[RayChuang88]

I expect the New York Times company to be taken over within the next 4-5 months. Whether it's Carlos Slim (despite the somewhat iffy past--but he definitely has to cash to do so) or by NewsCorp (Rupert Murdoch's company), it will happen.

I think the late Abraham "A.M." Rosenthal would be deeply saddened by this--he was Editor-in-Chief of the paper for 11 years during its halcyon days. Rosenthal had a strict dictum that you can't editorialize on the actual story itself, and in fact his epitaph reads: He kept the paper straight. I just could not imagine the sadness he experienced as former Editor-in-Chief Howell Raines completely ruined the Times with the very biased reporting on the Augusta National Golf Club controversy and the Jayson Blair scandal.

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Just finished this one two days ago.

http://www.amazon.com/Without-Fear-Favor-Uncompromising-Times/dp/0345297113

On my list to get.

http://www.amazon.com/Fit-Print-M-Rosenthal-Times/dp/0818404744/ref=pd_sim_b_1

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What the he!! is this all about?

http://www.nytimes.com/2009/01/23/arts/television/23cour.html?ref=todayspaper
CBS Puts Its Prime Time in the Service of Couric

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http://www.google.com/hostednews/ap/article/ALeqM5iL2wZ1Nj4X4vc97hR2ylhk3oPHkgD95SF8EG5
Mexican tycoon: NY Times deal good business move

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http://finance.yahoo.com/news/Print-zacks-14132308.html
Publishing - Circulation and Ad Revenue are Falling at an Accelerating Rate