“The Internet is a wonderful place to be, and we’re leading there,” said Arthur Sulzberger, owner, chairman and publisher of the New York Times in February 2007. “I really don’t know whether we’ll be printing the Times in five years, and you know what? I don’t care either,” he said.
Good thing Mr. Sulzberger doesn’t care because “print” editions of many newspapers seem to be living on borrowed time….and money….
NYT: Pelosi Accusations of CIA Lying on Page A18; Wash Post Makes Special Editorial; White House Dodges Questions
By Bill O’Reilly
The nation’s largest left-wing newspaper and the bible for network news producers and bookers may be going under. This week, The New York Times announced more staggering losses: nearly $75 million dollars in the first quarter alone. The New York Post is reporting that the Times Company owes more than $1 billion and has just $34 million in the bank. A few months ago, the company borrowed $250 million from Mexican billionaire Carlos Slim at a reported 14 percent interest rate. With things going south fast, pardon the pun, Slim might want to put in a call to Times publisher Arthur Sulzberger Jr.
The spin from Sulzberger is that the Internet is strangling the newspaper industry, and there is some truth to that. Why read an ideologically crazed paper when you can acquire a variety of information on your computer? But other papers are not suffering nearly as much as the Times, so there must be more to it.
There is no question that the Times has journalistic talent. This week the paper won five Pulitzers. It’s true that the Pulitzer people favor left-wing operations (the past eight Pulitzer Prizes for commentary have gone to liberal writers), but New York Times journalists often do good reporting.