Results tagged “newspaper”

After looking for bids since July, the NY Times Co. has decided not to sell the Boston Globe. The NY Times reports, "The Globe did not draw high bids, and the company chairman, Arthur Sulzberger Jr., said last month that the paper’s finances had improved enough that the company no longer believed it had to sell if the offers were not attractive enough."

Earlier this year, the NY Times asked its union to take 5% pay cuts, to help stanch its financial bleeding (a $74 million 1Q loss). Now the Post reports though the Times had "a surprise profit in the second quarter" (thanks to cost-cutting), it will "launch another round of employee buyouts to further trim costs." Management met with the NY Newspaper Guild, which also suggested "a four-day work week, being more flexible with comp time and reducing paper use in the building."

After the Boston Globe's largest union rejected a contract on Monday, the Globe's owner, the New York Times Co., is now seeking bids for the newspaper. According to the Globe, the Times Co. was interested in getting bids no matter how the Guild, which represents "nearly 700 editorial, advertising, and business office staff," voted, but a potential bidder said, "That doesn't mean they have said they are going to sell it. They've just said they are willing to entertain bids. But it sure indicates an interest." In the meantime, because the Guild fell short of voting for the contract with concessions, the Times Co. will save $10 million by imposing a 23% pay cut. Three other unions for the mailers, the pressmen, and the delivery truck drivers had agreed to concessions. The Times Co. has projected it will lose $85 million with the Globe without cost savings.

According to Fortune, David Geffen, the record executive turned Dreamworks co-founder, made an offer to buy the 19% stake in the NY Times owned by hedge fund Harbinger Capital. The Financial Times says, "His offer was rebuffed, two people familiar with its details said. One of these said the offer was made at the prevailing market price but Harbinger wanted a premium, adding that Mr Geffen remained interested in owning the company and would be "a patient buyer'." Geffen previously made a $2 billion pitchto buy the LA Times, which was rejected by the Tribune company. Fortune, which also mentions that Google briefly considered buying the Times but then passed, details the Times' financial and "esoteric" troubles; the latter is described as how the "company suffers from a kind of genetic disorder stemming from the high-minded public goals of the Ochs-Sulzberger trust...and the demands of running a public company." Gawker thinks a Geffen-owned Times is great news for the Times' gay mafia.

The NY Times' financial woes are well-known, but now the NY Post reports, "The family that controls The New York Times empire has lost more than 86 percent of its fortune and may have sell their controlling stake to get out of debt. The Ochs-Sulzberger family, which has run the venerable paper since 1896, may also face unusual pressure from about two dozen descendants to cash out and restore their comfortable lifestyles snatched away suddenly by hard times." The Post has a graphic detailing things like how the family fortune was once $425 million and how their annual income is just $4.5 million (down 50% from recent years), complete with an actual image of Times publisher Arthur "Pinch" Sulzberger with a black eye (Sulzberger's dad's nickname was Punch). The tabloid also explains that Mexican media mogul Carlos Slim, who loaned $250 million to the Times, "is poised to become the biggest Times shareholder of common stock because he's allowing his loan to be repaid in six years with stock -- either from the family's main trust or a weakened corporate treasury."

It looks like a shutdown has been averted at the Boston Globe: The Globe reports that its "largest union reached a tentative deal with the New York Times Co. shortly after 3 a.m. this morning, agreeing to a substantial pay cut, unpaid furloughs, and modifications to the lifetime job guarantee provisions that protect almost 200 employees in the Boston Newspaper Guild, according to sources familiar with the deal." The Newspaper Guild was the last holdout in talks with the NY Times Co. (which owns the Globe); three other unions already worked out agreements on concessions, after the NY Times Co. threatened to shut down a plant. The Globe lost $50 million last year and is on track to lose $85 million this year.

Now that the MTA's fare hike may just be 25 cents, you can put your savings towards the NY Times. The AP says the paper is raising its prices: Starting June 1, weekday and Saturday editions will cost $2—up from $1.50—and the Sunday NYC edition will be $5—up from $4—and the Sunday national edition will be $6—up from $5. The paper last raised its prices in July. The NY Times' parent company, the NY Times Co., has lost $74 million during the first quarter and is looking to make cuts and even threatened to shut down the Boston Globe if union concessions weren't made. Yesterday, the NY Times' members of the Newspaper Guild agreed to a 5% pay cut in order to avert layoffs and today management sent employees a thank you memo.

Horrible, unfunny rumors that The Onion is shutting down some of their regional print editions were being confirmed and denied all over the internet today. Gawker reported that a source told them the publication has "already laid off editorial and sales staff for its Los Angeles and San Francisco print editions, which will cease publication. Tomorrow's editions of The Onion are said to be the last ones for those markets."

After threatening to shut down its plant if unions did not make concessions, agreements have been made between Boston Globe management (the paper is owned by the NY Times Co.) and three of four unions, thus allowing the Globe to survive a little longer. The Boston Newspaper Guild is the lone holdout and the Globe reports, "The possibility of a shutdown remains if the company can't reach agreement with the Guild over $10 million in cost reductions, as well as contract changes, particularly the elimination of lifetime job guarantees enjoyed by about 190 Guild employees." However, spokesperson is optimistic and says those savings could be achieved in other ways. Over in NYC, the NY Times' Newspaper Guild members agreed to take a 5% pay cut in order to avoid laying off dozens of people; the pay cuts will be restored if ad revenues bounce back.

Last month, the financially battered NY Times Co. had suggested it would close the Boston Globe, Massachusetts' biggest paper, because the paper lost $50 million last year and was on track to lose $85 million this year. Late last night, the Globe reports the Times made this threat: "Agree to major financial and contract concessions, including the abolition of lifetime job guarantees for some workers, or the Times Co. would begin the shutdown process." Currently two unions have made deals but negotiations are still continuing with the pressmen's union and the Boston Newspaper Guild. The Times bought the Globe in 1993 for $1.1 billion; it is also looking to sell its stake in the Boston Red Sox.

The NY Times Company, which has been trying to slash costs and taking loans on its building and from a Mexican billionaire, announced a first-quarter loss of $74.5 million today. The Times reports this "compare[s] with a loss of $335,000 in the period a year ago, as it joined the roster of newspaper companies recording the steepest advertising declines in generations." Advertising revenue dropped 28% (including online advertising drop of 8%), but the "worst drop, 31.4%, hit the New England Media Group, which consists primarily of The Boston Globe and its site, Boston.com. The company has told unions at The Globe that the paper is on track to lose $85 million this year, and that unless deep cuts are made, the paper will be sold or closed." The fate of the Boston Globe has prompted Senate John Kerry (D-Mass) to hold Senate hearings about the newspaper industry next month. Update: Henry Blodget thinks the Times will run out of cash in 12 months.

The Observer reports that local independent Brooklyn newspaper The Brooklyn Paper has been purchased by News Corporation. The paper's editor Gersh Kuntzman said he hadn't met or spoken with News Corp. chairman Rupert Murdoch yet, but assured the Observer, "They don’t want the product to change. And they love the product. And the product is fantastic." Kuntzman, a former NY Post writer, had dismissed concerns that the Brooklyn Paper was in financial trouble last year, "Brooklyn needs us too much right now, what with local papers being snapped up by billionaire moguls who have no interest in local news except maximizing classified ad sales," a statement that he now amends to, "Brooklyn still needs The Brooklyn Paper, which is why one of the only people in the world who still believes in newspapers — Rupert Murdoch — is putting his money and genius behind us." Recently, a NY Times article looked at how Murdoch's fondness for printing was hurting News Corp.'s bottom line.

The NY Times announced it raised $225 million in cash from the "sale-leaseback of part of its headquarters building, one in a series of moves to pay down its debts and increase its cash cushion during a drastic slump for the newspaper industry."

Here's the proposition: Print a newspaper of and then distribute it for free! That's what Chicago startup The Printed Blog is doing, starting next Tuesday in Chicago and San Francisco. Founder and publisher Joshua Karp tells the NY Times, "We are trying to be the first daily newspaper comprised entirely of blogs and other user-generated content. There were so many techniques that I’ve seen working online that maybe I could apply to the print industry.” The Times adds that the Printed Blog has received permission from 300 blogs "to publish their work for a share of the ad revenue, including small-audience bloggers in Chicago and nationally known blogs like Daily Kos," which helps cut down that hefty cost of the newspaper business—reporters! The Printed Blog also says it "reads and functions like a web feed—yet can still be enjoyed on the train or spread across the breakfast table, for an uninterrupted, pleasurably tactile experience." AND readers' comments will be included! Next: Time to learn hot type!

       

The 44th President's Inauguration is, naturally, front and center for newspapers. Many opted for shots of President Barack Obama and First Lady Michelle Obama walking during the parade, with their enthusiasm palpable, while the images of Obama taking the oath of office were also options for the historic day. Yesterday was exciting but official, lacking the spontaneous amazement that November 4 brought (see November 5's newspaper front pages).

After rumors that Newsday's top editors were fired after a dispute with management—Cablevision bought the Long Island newspaper from the Tribune Company last year—uh, Newsday reports that its top editor John Mancini has returned. Marcini and editors Deborah Henley and Debby Krenek were not in the office last Thursday and Friday, fueling the speculation that Cablevision was unhappy over coverage of the sexual harassment lawsuit against Knicks player Eddy Curry. Cablevision is, infamously, the owner of the Knicks and Madison Square Garden. Mancini told his newsroom that there was a "difference of opinion with ownership over the editorial policy of Newsday. That has been settled" and added, "No one outside the newsroom influences... our news coverage in any way... Our only concern is that we get it right. Let's do our jobs and tell the story straight."

     

President-elect Barack Obama's victory in November was a boon to newspapers, and, for today's historic moment, many are going all out. Newsday has a wrapped cover, with Obama's image over sepia images of past Presidents, while the Post print the Oath of Office. The NY Times is a little restrained—probably saving its art direction for tomorrow's issue—while the Wall Street Journal goes with a banner headline.

Today we spent some time on Sesame Street (yes, that one), and guess what: there's good news there. The headlines at the newstand included one about a man smiling for 30 days straight (sure, the smile was contagious, but that's a good thing), and a diaper plant being redeveloped into a tv production school (at least it's not a luxury condo). And take a look at that price, just 25 cents—that's half of the cost of the NY Post!

News of the troubled newspaper industry was the second story on The Daily Show last night (following Blago, natch). There's the Tribune declaring bankruptcy, the fate of papers all over the country in peril, and, of course, the "sodomy-loving" NY Times' worsening fiscal situation. Noting how the Times is taking out a $225 million mortgage on their new headquarters in Midtown, Jon Stewart said, "This after an earlier plan to lease the building as a jungle gym for French douchebags proved unprofitable. So, the NY Times response to a fiscal crisis brought on by irresponsible mortgages is...to take out another mortgage."

The Tribune Company, which owns the Chicago Tribune, LA Times, and Baltimore Sun, as well as the Chicago Cubs and Wrigley Field, has filed for bankruptcy, which Dealbook calls, "the latest — and biggest — sign of duress for the newspaper industry yet." A year ago, real estate developer Sam Zell bought the Tribune Co., but the Wall Street Journal says the Tribune "stayed ahead of its $12 billion in borrowings with the help of asset sales... The company's cash flow may not be enough to cover nearly $1 billion in interest payments due this year, and Tribune owes a $512 million debt payment in June." Tribune sold off Newsday to Cablevision earlier this year, but still owns WPIX/Channel 11.

The elaborate fake New York Times stunt may have cost up to $250,000. Though the group claiming responsibility for printing and distributing over one million copies of a July 4, 2009 edition says their costs were $100,000, the NY Post's experts believe that printing a 14-page, 4-color paper are closer to a quarter million for that many copies.

The NY Times may have seen huge demand for its post-Election 2008 edition and it might be a worthy target to spoof, but there's a dark side to all of this: Its stock is at a 52-week-low. The Observer notes that it hit "another 52-week low today, falling to $7.70 today" (another because yesterday was its 52-week-low) which "puts the Company's market cap at $1.1 billion. By comparison, last year at this time the Company's market cap was at $2.7 billion. In an even rougher comparison, George Steinbrenner is worth about $1.3 billion."

     

Update III: Here's a second video of the Fake NY Times (aka "New York Times Special Edition") being handed out:

According to its Twitter, the NY Times is going back to the presses once again to print another 150,000 copies of the November 5 "OBAMA" edition. This comes after the Times already printed 35% more issues (150,000) on Wednesday and reprinted another 75,000 after the demand. It's unclear where the extra copies will be sold--we guess at the Times headquarters plus maybe some more commuter hubs, like Penn Station, Grand Central, and the Port Authority. And you can get the commemorative version from the NY Times Store for $15--the store website is currently "loading slowly due to high activity. Please return later to order if the wait is too long. Don't worry: We have an abundance of Nov. 5 newspapers!"

This is the cover of a later editon of Daily News' "Election Extra" with Barack and Michelle Obama. The paper printed an additional 100,000 copies! However, it's unclear if that will feed the fever for post-election newspapers.

With newspapers flying off newsstands and trucks--even being swiped from neighbors -- the NY Times will print another 50,000 copies of its post-election issue, according to Editor & Publisher.

           

In a moment, yesterday's lines and waits to vote are a mere memory as people struggle to get copies of today's post-election newspapers as keepsakes. We're hearing that many newsstands are sold out!

The NY Times reports that the Star-Ledger, NJ's largest paper (15th largest in the country, with a daily circulation of 345,000), "will cut its newsroom staff about 40 percent by year’s end, one of the largest reductions in a single move by a major American paper." This comes after grim talk from its publisher, Advance Publications, saying that the newspaper would fold if there were not a number of concessions made from staff and unions. The unions agreed to new deals and the Times explains that buyouts will be given to "about 150 news employees who requested them." A memo said that many employees applied for buyouts and some will be turned down. Some employees said It's possible that the paper will hire new employees, too.

Today was the first day of the NY Times' new section consolidation. The main difference is that the Metro section is no longer--Metro-related stories are now in Section A Monday through Saturday. Business and Sports will be combined Tuesday through Friday (just think--after reading about your tanking stocks, you get to read about the crappy Knicks!). As the letter from NY Times Senior VP of Marketing and Circulation Yasmin Namini said, "Please note that were are not reducing the space devoted to Metro or Sports news. This is simply a way for us to produce the paper more efficiently. These changes enable us to offer you later- breaking news on Mondays and a freestanding Arts section on Saturdays."