Wednesday, November 12, 2008
More on the coming print media meltdown
Interesting articles here and here about the coming cash crunch at the New York Times. It seems the Times just took a $166 million write-down on the value of its New England holdings - the Boston Globe, the Worcester Telegram & Gazette, and its 49% stake in the free Boston Metro. Add to that $400 million in debt coming due in six months (with only about $46 million in cash on hand), and you have a situation in which the Times must either completely draw down its lines of credit, or sell off its New England assets, or switch to Internet rather than print editions, or maybe all three. It's certainly white-knuckle time at the Gray Lady.