Tom Grubisich: December 2008 archive
How the New York Times can fight back and win: a reprise
December 3, 2008
The New York Times Co. -- the whole caboodle, including the esteemed and necesssary flagship paper, 18 other, mostly monopoly dailies, the spunky About instructional search engine and minority ownership of the half-redeemed Boston Red Sox -- is worth less than what the company paid for just one of its properties, the Boston Globe. That's what the stock market said as of Wednesday, Nov. 26, and that was after a bounceback from a near-historic low -- $5.34 – on Nov. 21.With advertising in its print edition continuing to slide by double-digit percentages, the Times is pursuing, in the words of President/CEO Janet L. Robinson, a "strict cost discipline." But, happily, it's looking as if the company finally understands that it can't cut its way back to financial health (and a stock price that doesn't look like an unfortunate misprint).
In August 2007, when the company's stock had already fallen to a 12-year low, I argued in these pages that the Times could fight back by leveraging the power of its nytimes.com website through the force of social networking. Finally, it's begun doing so. More...
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