Despite Mexican Billionaire, Outlook Still ‘Negative’ for the Times
The S&P doesn’t appear to be any too impressed by the New York Times $250 million influx courtesy of Mexican billionaire Carlos Slim Helu. Fitz & Jen reports that despite all the cash the ratings agency still has some major doubts.
Our primary rating concern remains that a long U.S. recession will continue to meaningfully exacerbate secular rates of ad revenue decline over at least the next year, prolonging the time (possibly until 2010) when these declines could potentially begin to moderate–a precondition for potentially stabilizing EBITDA generation.
Conclusion? Not even last minute billionaires are enough to save the print industry.
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