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 ...
I can’t wait for the NYT to close its doors entirely. It’s long since abandoned any claim to quality reporting.
Good urban planning, Gracious...
from wiki...
“The site for the building was obtained by the Empire State Development Corporation (ESDC) through eminent domain. With a mandate to acquire and redevelop blighted properties in Times Square, ten buildings were condemned by the ESDC and purchased from their owners. Some owners sued, asserting that the area was no longer blighted, but lost in court.[5][6] Once the 80,000-square-foot (7,400 m2) site was assembled, it was leased to The New York Times Company and Forest City Ratner for $85.6 million over 99 years (considerably below market value).[7] Additionally, The New York Times Company received $26.1 million in tax breaks.[8] The Times itself occupies 628,000 square feet on the 2nd to 21st floors, with the remainder leased to tenants.[9]”
That would mean they occupied 18 floors. or 8/18 = .444. They are giving up 44 % of their occupied space
Guess that eminent domain isn’t working out to well
I understand one Donald J. Trump knows the New York City real estate market pretty well. He might be willing to sublet your unused space to some Syrian. “Refugees” or an imam or two for use as a mosque.
But considering the nature of the business already being conducted there, maybe a brothel would be more appropriate.
Nice pic. Always wondered where all these fake stories originated.
“All the Fake News that’s Fit to Print”
They’re ‘fixing the glitch’. The PROBLEM will take care of itself.
https://www.youtube.com/watch?v=BUE0PPQI3is
Typical NYT reporter discussing his job.
https://www.youtube.com/watch?v=_iiOEQOtBlQ
It is somehow a small comfort that so many hard-working propagandists will have to start dealing with trying to think in such group pens. My guess is that they will resolve the chaos by increasingly working from home.
I know a NY developer who would be happy to turn it into, oh, I don’t know, how about the Trump Times?
Let’s insist on gladiator fights to the death for the remaining open spaces. Then DECIMATION, NYT dudes.
Gee. Just because they lost the election don’t tell me Soros didn’t send his Christmas bonus check?
The Miami Herald which once had a large building with a breathtaking view of Biscayne Bay is now stuck in a business park in the far away from the bay but with a breathtaking view of a nondescript parking lot.
So I guess being shill for the liberals doesn’t pay so well? If they still had real reporters doing actual research then writing real stories they might still have a real business. It seems the decision for MSM to stop being journalists and become liberal cheerleaders that was made decades ago was not such a great business idea. I was a faithful reader of newspapers, until they became worthless many years ago. When I could no longer learn anything by reading them, I stopped.
My brother majored in journalism in college in the late 1960s, when they were still teaching responsible journalism. He was taught the old who, what, when, where...and to have reputable sources and be factual. Oh they also expected professional writing skills. When he got out in the real world the liberals were already taking over and things were changing. It was already about pushing an agenda, and only telling the folks what they “needed” to know. He had like three different jobs thinking he just needed the right place- then decided he needed a new career.
It doesn’t have to be that way. Conservatives need to get involved in university education by funding endowed chairs in journalism and buying news organizations. The market is clearly there if Sean Hannity can make $29M per year.
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