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.
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