More cash to shore up the New York Times: The company has sold off (most of) its portion of its Manhattan headquarters for $225 million. It’s now a renter paying $24 million a year.
The New York Times is running low on cash but has a $400 million debt payment due next spring. How to foot the bill? Raise money anywhere it can. Last month, the Times cut its dividend, a move that could save it up to $100 million a year. Now the paper is looking to borrow against its new Manhattan headquarters: It has hired a real estate firm to raise up to $225 million using the value of the building as collateral.
Peter Kafka has been covering media and technology since 1997, when he joined the staff of Forbes magazine. Most recently, he has been the managing editor of the tech and media Web site, Silicon Alley Insider. Read more »
Here is a statement of my ethics and coverage policies. It is more than most of you want to know, but, in the age of suspicion of the media, I am laying it all out.
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