Blogflux directoryThe New York Times in financial trouble
Though the focus of this blog is primarily book publishing, I think the plight of one of the pillars of American journalism is relevant to the state of publishing in general.
A friend, editor Jody Berman, posted to the Boulder Media Women email list a link to this article at The Atlantic about the financial troubles of the New York Times, "End Times" by Michael Hirschorn.
As I wrote in my reply, I've often wished I had both the funds and the time to read the New York Times print edition every day because it's such a pleasure to read such excellent writing, and I've never read a newspaper that was as consistently excellent in that respect. Many times on a vacation or while sitting in an airport, I've treated myself to a copy of the Times. And if I was in a hotel, I accompanied the experience with a bagel and a cup of tea or coffee, as that seemed the appropriate New York way of enjoying it.
Hirschorn's article gives me some hope that the Times will be able to survive this May when some of its massive debt comes due by selling off some of its many assets, including its spectacular headquarters and properties like The Boston Globe.
I read the New York Times a bit online, but rarely invest in a print copy. I had no idea of the dire state of the organization. It is strange to think how things will be different with no print newspapers...
All good wishes!!
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I'm guilty of having moving my NYTimes reading to the online version. I try to support local papers by still having the Denver Post and the Boulder Camera dlivered 7 days a week, but there's only so far I can go to paying for papers that I don't have time to read even superficially before recyling. However, instead of ignoring online media's ads, I click on them (and sometimes even read them), because they have become key to the papers' revenues.
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Claire,
Yes, and I find myself thinking that perhaps, if the newspaper industry survives this massive change and morphs into something better, it will turn out to be better for the planet in the long run anyway when we're absorbing news without having to kill trees to do it.
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Well many industries are being affected of the financial crisis that we are experiencing right now. and It will be getting worst in the year to come. There must be an immediate solution or remedy, one of which i think is proper financial management.
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