Wednesday, July 22, 2009

New York Times, For Whom the Bell Tolls

I bought New York Times stock in part to have a stake in the Red Sox as well as the Times. This was a nostaligic investment that will possibly be totally wiped out.
Selling the Sox for $200 million will not make much of a dent in the $3 billion debt. Just as selling the TV stations did not keep the stock propped up. Nor did the stock buy backs.
Investment bank advisers are just getting the Times to dig a deeper hole.
It needs to cut wages - its employees can go elsewhere if they are worth more - it needs to charge for Internet content. I will kick in $5 a month to protect my nostalgic investment. (But I know a similar attempt by Rocky Mountain News ex employees to start a digital paper flopped totally. But that was the Rocky, not the Times.)
I want to be in the know when the Times disinforms me that a communist is just an agrarian reformer.
Or ignores the alleged discovery of thermite at WTC, and fails to measure the Pentagon hole against the wing span of a 747,.
But it faithfully told about that Florida priest who has to choose bewteen his Roman collar and his girl friend.
And no ongoing Mideast peace negotiation is ever missed.
It is a reflection of what America knows, thinks it knows, and doesn't know at all.
It would not be the same if Geffen boots out the Sulzbergers.
And yet, it will be the same.
Just on a lower operating level