Lots of New York Times news to discuss today! You may recall, way back in the early days of August before Sarah Palin was even a glimmer in John McCain‘s eye, that we told you how the NYT Co. was under increases pressure to cut its dividends (simply put: “it has to stop paying its shareholders so much money and use some of its finite cash to pay off its bonds”). Bloomberg is now reporting the company is considering doing just that, or perhaps even dropping dividends altogether(!) after “reporting a loss on severance costs and a steeper drop in advertising sales.” Keep in mind that the NYT Co. has a $1.1 billion debt and pays the controlling Ochs-Sulzberger family a $25.1 million a year dividend. Time for some belt-tightening we thinks!
But that is not all, by a long shot. Because if you were the national paper of record, as well as (by far), the best example of how a newspaper should go about transitioning to the online world, and you found yourself struggling, what would you do? Hire a celebrity for your op-ed pages, of course!