| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
Kennedy and Kerry are hoping to stop the Times' cost-cutting strategy of closing down the paper unless it agreed to $20 million in concessions. The Globe reportedly is expected to lose $85 million this year in one of the worst years for the newspaper industry ever. The Times has been undergoing a massive overhaul over the last year, looking to cut costs, raise revenue and build a cushion against its impeding $1 billion-plus in debt. "We understand the serious financial challenges facing the newspaper industry today," the letter said. "The ramifications, however, of closing the Globe would far outlive the current recession. We urge you to treat the Globe fairly and to work together on a solution to this immediate crisis that preserves the future of the newspaper."
But Sulzberger's decision might just come down to numbers, and, for now, based on his rebuttal made in a statement, it seems that a closure is an option that he hopes he doesn't have to make:
"We appreciate and share the concerns voiced by the members of Congress about the future of The Globe. We are fully aware of the critical role it has and does play, not only in Boston but throughout Massachusetts and New England. As we have said, we care deeply about the Globe and we hope to place this great newspaper on the path to sustainability." - Gerald Magpily Publish at Scribd or explore others: See Boston.com article See Delscape: NY Times could put radio station on the block See Dealscape: Harbinger's NY Times stake draws attention See Dealscape: Moody's sends bad news to NYT, McClatchy
 Deal Video
    Community
 Elsewhere on The Deal.comDealwatch
The Deal MagazineCorporate Dealmaker
The Deal VideoCategories
Blog roll
Archives
| |||||||||||||||||||||||||
Could a letter from a congressional Massachusetts delegation led by Sen. Ted Kennedy, D-Mass., and Sen. John Kerry, D-Mass., to New York Times Co. (NYSE:NYT) chairman Arthur Sulzberger Jr. save The Boston Globe from closing? The move certainly wouldn't hurt as the two high-ranking politicians urged the Times to work toward a solution that "preserves the newspaper for the future."
|
|
|
|
|
