Tough Times for Some Media Outlets
Hard Times
(Fox News) - The New York Times reports it is taking out a $225 million mortgage on its building — in order to get through a serious cash squeeze. The company owns 58% of the 52-story, 1.5 million square foot tower. The Times is trying to save money as it attempts to pay off more than $1 billion in debt. Executives have slashed the dividend by nearly 75% and might sell parts of the company.
Meanwhile, media conglomerate Tribune Company has filed for bankruptcy protection because of a $13 billion debt. The group owns the Chicago Tribune and Los Angeles Times — as well as a Denver station and the Chicago Cubs.
(Fox News) - The New York Times reports it is taking out a $225 million mortgage on its building — in order to get through a serious cash squeeze. The company owns 58% of the 52-story, 1.5 million square foot tower. The Times is trying to save money as it attempts to pay off more than $1 billion in debt. Executives have slashed the dividend by nearly 75% and might sell parts of the company.
Meanwhile, media conglomerate Tribune Company has filed for bankruptcy protection because of a $13 billion debt. The group owns the Chicago Tribune and Los Angeles Times — as well as a Denver station and the Chicago Cubs.
posted by BP News Bureau | 9:42 AM
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