It hasn't been a good week for the New York Times. First, a letter containing a "white, granular substance" was sent to the editor of the editorial page, which subsequently shut down the entire lobby and forced a few employees into decontamination as a precaution.
Then the Times announced that another white substance was being sent to the editorial page, this time in the form of U2 frontman Bono. Starting next year, Ireland's most bespectacled man will write six to ten pieces for the Times editorial page for the price of free, presumably since it amounts to free advertising for the charitable musician. This, of course, led to hints about bringing Queens guitarist and Doctor of Astrophysics Brian May back to the Grey Lady's pool of opinions, but nothing has been confirmed as yet.
Financially, the Times is expected to cut its dividends, which have increased over the last few years as revenue has steadily decreased. However, the possible downgrade in dividends may force shareholders--like the family of Arthur Ochs Sulzberger, Jr., who has been publisher and chairman for the Times for over fifteen years now--to abandon the debt-stricken newspaper of record as a lost cause, leaving it vulnerable to a buyout.
Tags:
dividends, economy, falling stock prices, grey lady, new york times, severely debt stricken companies, sulzberger
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Posted on 10/24/2008
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