... cry us a River
Posted on 04/04/2009 8:21:24 PM PDT by AmericanMade1776
When it bought the Boston Globe for a record $1.1 billion in 1993, the New York Times Co. added one of the nation's most acclaimed and profitable newspapers to its empire.
But analysts say the 137-year-old Globe has been a money-loser in recent years, and the Times, now $1.1 billion in debt, is threatening to shut down Boston's pre-eminent paper unless it gets $20 million in union concessions.
Faced with the global recession and declining revenues, the newspaper business is reeling — one major paper has already folded this year and several others are seeking bankruptcy protection. But the threat to the Globe, announced Friday on the Globe's Web site, has shocked some industry insiders, who say it shows no one is safe
(Excerpt) Read more at news.yahoo.com ...
In a Downturn economy , it is nice to get rid of the fat.
UNION BUSTING.
... cry us a River
All the News that is fit to bankrupt.
Is ok when Libs do it.
One of their favorite tricks is to smear Conservative Republicans running for office just before the election so they will lose to their Liberal, Democratic counterparts.
Globe forced to cut $20M ... or else
New York Times Co. threatens to close Boston broadsheet
By Christine McConville and Jessica Heslam
Saturday, April 4, 2009 From the Boston Herald
http://www.bostonherald.com/business/media/view.bg?articleid=1163318&srvc=business&position=recent
The Globe lost some $50 million last year and stands to lose $85 million this year without “serious cutbacks,” boston.com reported, quoting a Globe source. That same source said the Times can no longer subsidize the Globe’s losses.
http://www.bostonherald.com/business/media/view.bg?articleid=1163318&srvc=business&position=recent
yes.... yes... and Now the Commie Globe will be standing in a bread line, asking for a handout from Nancy Pelosi
SHUT IT DOWN!
SHUT IT DOWN!
SHUT IT DOWN!
You know why these papers are losing Money, they print headlines like this “Michelle Obama’s conquest of Europe”, then they put a picture of her wearing a JCrew outfit meant for a college kid, and think we are going to buy their stupid paper. What a bunch of losers the Media are.
http://www.latimes.com/news/nationworld/world/la-fg-michelle-obama5-2009apr05,0,6697503.story
When I still lived in the Boston area, I cancelled my subscription when the Globe ran a 5-day expose on John Kerry leading up to the election. When they called monthly begging me to renew, I kept telling them I disagreed with their politics. Glad to see that the Globe might be going down the tubes. They deserve to.
“When it bought the Boston Globe for a record $1.1 billion in 1993, the New York Times Co. added one of the nation’s most acclaimed and profitable newspapers to its empire.”
The Times probably had Paul Krugman as its financial advisor.
And to think that in 16 years... the New York Slimes turned a profitable paper into a bankrupt one.
I used to read the Boston Globe fairly regularly back in the 50s and 60s, because my Aunt and Uncle subscribed to it as well as to the Boston Herald.
Frankly, it was a lousy newspaper back then, biased, and with very little real news. I read the NY Times when I was around NYC, and it made the Boston Globe look like some kind of small town journal.
I always liked Boston, but the Globe was nothing to write home about. It certainly wasn’t worth a billion dollars. Buying it was an act of stupid hubris.
There are some things I just can’t keep from laughing about... this is one.
Ping.
Too bad, so sad . . .
The unions should stand firm and refuse even the least concession. Let the NYT threaten to shut them down. They won’t do it - they will continue to subsidize the union and the Globe. In a couple of years, we get a twofer, both the NYT and the Globe go under. And, of course, the unions are sc***ed!
Schadenfreude!
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