End times for the New York Times?

BookBrowse News - The Full Story

End times for the New York Times?

Jan 07 2009

Michael Hirschorn, writing for The Atlantic, reports on the dire circumstances facing The New York Times, or at least its print edition. The article opines that recent earnings reports indicate that, unless drastic steps are taken, it's possible that the paper will default on its $400 million debt in about five months. The paper, with more than $1billion in debt on its books and cash reserves of about $46 million, is currently trading at junk status on the capital markets.

The paper’s credit crisis comes against a backdrop of ongoing and accelerating drops in circulation, massive cutbacks in advertising revenue, and the worst economic climate in almost 80 years.

It is considered unlikely that The Times would cease to exist altogether but that it is possible that The Times and other newspapers will have to move to digital-only distribution (perhaps preserving the more profitable Sunday editions). Already, most readers of The Times are consuming it online. The Web site, nytimes.com, boasted 20 million unique users for the month of October, making it the fifth-ranked news site on the Internet in terms of total visitors.

The conundrum is that those 1 million print readers, who pay actual cash money for the privilege of consuming the paper, and who are worth about five figures a page to advertisers, are far more profitable than the 20 million unique Web users, who don’t and aren’t.

Source: The Atlantic

More News Stories

Editor's Choice

  • Book Jacket: Your House Will Pay
    Your House Will Pay
    by Steph Cha
    Steph Cha's novel Your House Will Pay shows how a legacy of violence and injustice can ripple ...
  • Book Jacket: Divide Me By Zero
    Divide Me By Zero
    by Lara Vapnyar
    Divide Me By Zero begins with an encounter between the narrator, Katya Geller, a 40-something mother...
  • Book Jacket: Mighty Justice
    Mighty Justice
    by Dovey Johnson Roundtree , Katie McCabe
    What it's about:
    Dovey Johnson Roundtree was one of two lawyers who won the landmark case "Sarah ...
  • Book Jacket: The Seine
    The Seine
    by Elaine Sciolino
    Of the 24 members who reviewed Elaine Sciolino's The Seine: The River that Made Paris for BookBrowse...

Readers Recommend

  • Book Jacket

    The Seine
    by Elaine Sciolino

    "A soulful, transformative voyage along the body of water that defines the City of Light."
    —Lauren Collins
    Reader Reviews

  • Book Jacket

    Mighty Justice
    by Dovey Johnson Roundtree & Katie McCabe

    An inspiring life story that speaks urgently to our troubled times.
    Reader Reviews

Win this book!
Win Home for Erring and Outcast Girls

From the author of
Calling Me Home

An emotionally raw and resonant story of two young women connected by a home for "fallen girls," and inspired by historical events.

Enter

Word Play

Solve this clue:

W G Up M C D

and be entered to win..

Books that     
entertain,
     engage

 & enlighten

Visitors can view some of BookBrowse for free. Full access is for members only.

Join Today!

Your guide toexceptional          books

BookBrowse seeks out and recommends the best in contemporary fiction and nonfiction—books that not only engage and entertain but also deepen our understanding of ourselves and the world around us.