Ouch:
The source says the investment arm of Morgan Stanley sold its 7.2% stake in New York Times, equal to more than 10 million shares, on Wednesday morning. Regulatory filings confirming the sale will be made public in the next few days.
A spokesman for Elmasry declined to comment.
Shares of New York Times recently were down 50 cents, or 2.6%, to $18.41, hovering near a 52-week low.
Let’s see how the Old Gray Lady (in blue) has fared against the S&P 500 (in red) over the last few years:
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Well - they are apparently reaping what they’ve sewn for decades……….
“Biased is as Biased does”
I doubt that even if the NYT was more objective that they’d be tracking the S&P. Newspapers are a dying breed.
I doubt that even if the NYT was more objective that they’d be tracking the S&P.
I dunno about that. Actual dead-tree newspapers are a dying breed, but newspaper companies can do okay.
Over the same time period, the Washington Post, Gannett and Tribune have done okay.
The NYT is getting stomped because Pinch Sulzberger is arrogant (why, I have no idea) and a mental lightweight.
Matt, Mclean/Gannett isn’t looking so hot either.
http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003659240
McClatchy
It must be contagious, this arrogance you speak of.
“The McClatchy Co. stock fell sharply in mid-day Wednesday, as Standard & Poor’s added more bad news to the newspaper chain’s report Tuesday that its profits dropped 55% in the third quarter.”
http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003659335
Even our own beloved hometown, once home owned, Houston Chronicle is slowly dwindling at a rate of 3 to 5 % a year despite their tricks and gimmicks to try to uphold their circ. The latest is they no longer include their TV
chronolog in street sales on the weekend….but you can subscribe for LESS than the cost of newsstand prices so they can count it as PAID circ. No matter what they do, as long as they continue to play to an audience they don’t have, their circ will continue to go away. Good thing the Hearst Corp has deep pockets and other investments.
Belo Corp is splitting their assets into 2 companies. All tv, radio & internet in one company.
All deadtree papers in the other. All the debt will fall on the electronic media company. That is because it can handle it. Belo newspapers will be an 850 million dollar company w/ no debt - to be up for sale, perhaps ?
#6 Since we’ve moved Mom into a nursing home, we’re getting her TV guide.
Screw the Chronicle.
Texpat did you perhaps see my post regarding a guy in a SUIT & TIE attempting to GIVE away copies of the Sunday comical?
i subscribe for year to the chronicle and then they changed to this new socialistic format and i could not stand it anymore.
Katfish, there was a man dressed in suit and tie at my grocery store too, trying to sell the papers. Tough job.
“there was a man dressed in suit and tie at my grocery store too, trying to sell the papers. ”
Was he wearing a bowtie and did he try to sell you a beanpie too?
And amazingly, the liberal newspaper management still just doesn’t get it. Common business sense is trumped by arrogance and political posturing and everything else be damned. Can see the dollars in stampede mode escaping their bottom lines.
They are militants. The more their agenda sinks, the more they press their agenda.
It reminds me of a stalker boyfriend. Each time he gets rejected, he gets more intent on making the girl love him by giving her more of the same.
So sad.