A new series of reports argues that billionaire David Geffen doesn’t want to make money by investing in the New York Times–he wants to save it. Fair enough. But how exactly does he plan to do that?
It’s a done deal: Billionaire Carlos Slim has given the cash-strapped New York Times $250 million worth of breathing room. At a very high price. Under terms of a deal announced late Monday night, the Mexican telecom magnate has lent the Times $250 million at 14 percent interest–which means the Times will now have to come up with an extra $35 million each year.
The New York Times has slashed its dividend by nearly $100 million a year. But that won’t be enough to save the paper with results like these: October’s report card shows that the paper’s core business is continuing to shrink–and that the Internet, where the paper has been investing substantial resources, isn’t coming through, either.
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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