Can't you hear, can't you hear the thunder? You better run, you better take cover.
6) The New York Times (NYT) has to repay $400 million in debt in the first half of 2009. It does not have the money. It plans to mortgage its headquarters, but it is uncertain what that will bring in an uncertain real estate market. The firm’s Boston Globe and regional newspaper operations lose money, so they will be hard to sell. NYT is controlled by the Sulzberger family which has super-majority voting shares. That won’t matter much when the company runs out of money. Another big media operation, perhaps News Corp (NWS) which owns The Wall Street Journal and The New York Post, will come in and auction off what it can and keep the flagship New York Times newspaper and NYTimes.com website.
Party at my place when the New York Times dies. I'll even provide the beer. And the journalism. In other words, it will be business as usual.
Some other interesting ones on the list include Fannie and Freddie, AIG and Chrysler. Sirius would be news to me, I always figured Sirius would do very well once the Democratic Congress passed the Fairness Doctrine and forced Rush and Sean, etc, to pay radio.
If the New York Times fails in New York City, and nobody is there to write about it, does it still make a sound? And if so, can it please be the sound of that loser Pinch Sulzberger weeping?
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