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December 8, 2008
New York Times Desperately Borrows Against Its New Headquarters
Posted by Dave Blount at December 8, 2008 7:29 AM
Despite the political success moonbattery has enjoyed recently, it isn't thriving on the marketplace. The New York Times — the top dog of leftwing journalism, from which the alphabet networks take their marching orders — continues its decline:
The New York Times Company plans to borrow up to $225 million against its mid-Manhattan headquarters building, to ease a potential cash flow squeeze as the company grapples with tighter credit and shrinking profits. …
Standard & Poor’s recently lowered its credit rating on the Times Company below investment grade, and Moody’s Investors Service has said it was considering a similar move. Times Company stock, which has lost more than half its value this year, closed on Friday at $7.64, down 30 cents.
Maybe it wasn't such a hot idea for the Gray Lady to build this massive moonbat temple as revenues were declining. But then, if the Times showed sound reasoning, it would print news instead of leftist propaganda, and wouldn't be losing its advertisers.
As the Gray Lady sinks, her ego climbs to the sky.
On a tip from Wiggins.
