Tuesday, December 09, 2008

Who wants to deliver the eulogy for the "old grey lady"?

The chapter 11 bankruptcy filling of the Tribune Company seems to only be the start of what could be a collapse of the Newspaper industry. The way I see it is that there are some newspapers I would like to see survive, and there are others that can implode. The number one paper I would love to see go full blown Chapter 7 liquidation is the New York Times. If the financial hardships of the NYT continues, I just may get my wish. The New York Times got the name "the old grey lady", because at one time the paper was a well respected and trusted jewel in the newspaper industry. Today is it just a liberal hack mouthpiece in which other liberal network media outlets take their marching orders from. The Time's misfortunes are completely different then that of the New York Times. The problems of the Tribune Company had more to do with how the owner Sam Zell acquired the company. Sam bought the company in a leveraged buyout for thirteen billion dollars. The borrowing of that large sum of money was one thing,but when the economy started to turn south, that was the writing on the wall. The Time's problem has more to do with it's credibility or lack there of. The New York Times has been losing readers for years now. As people are starting to realize the paper's unabashed bias, they have been canceling their subscriptions in record numbers. That's the same parallel that has happened to Los Angeles Times. The New York Times might have to try and mortgage it's Manhattan headquarters in an attempt to raise $225 million dollars. Even if they are successful in raising the money, it won't do them any good. They were losing readers in good times, and the pace has accelerated in the present. If I was a betting man, I would give the old grey hag until April for it to finally file for Bankruptcy and I can finally deliver it's eulogy. Ashes to ashes and dust to dust.


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