NY Times going in the dumper - firing 500 people
The NY Times is going in the dumper - yesterday they announced the firing of 500 employees. AND three years ago their stock price was $47.05. Yesterday it was 31.13. The S & P 500 over the same time frame has risen just under 45%. The math is bad for the Gray Lady.
Here's what the Company had to say: In a memo to staffers, company chairman Arthur O. Sulzberger, Jr. and CEO Janet Robinson wrote: "We regret that we will see many of our colleagues leave the Company; it is a painful process for all of us."
How fair is this? The Sulzbergers are centi-millionaires - in fact billionaires. A quick back of the envelope calculation says that 500 employees times $70,000 a year in salary and benefits (and that salary figure is probably high) costs $35,000,000 a year.
This is chump change to the Sulzbergers - it's probably the interest on a few of their treasury bonds. So why don't they show some good example to the rest of the wealthy people in America and put a kind of voluntary "Tax" on their wealth by putting the money into the Company to save these jobs?? "Painful process" indeed. Now that they are charging $50 a year to access the NY Times "Crown Jewels" - their op ed writers Krugman, Dowd, et al, they are sure to make up their shortfall in no time at all.
The NYT needs to hire Roger Ailes to get this mess cleaned up. Or maybe KKKarl Rove.
My brother Phil says that the pink slipped employees "They were fact checkers, many of whom worked for Krugman. Not needed."
I wish I'd thought of that line.
Here's what the Company had to say: In a memo to staffers, company chairman Arthur O. Sulzberger, Jr. and CEO Janet Robinson wrote: "We regret that we will see many of our colleagues leave the Company; it is a painful process for all of us."
How fair is this? The Sulzbergers are centi-millionaires - in fact billionaires. A quick back of the envelope calculation says that 500 employees times $70,000 a year in salary and benefits (and that salary figure is probably high) costs $35,000,000 a year.
This is chump change to the Sulzbergers - it's probably the interest on a few of their treasury bonds. So why don't they show some good example to the rest of the wealthy people in America and put a kind of voluntary "Tax" on their wealth by putting the money into the Company to save these jobs?? "Painful process" indeed. Now that they are charging $50 a year to access the NY Times "Crown Jewels" - their op ed writers Krugman, Dowd, et al, they are sure to make up their shortfall in no time at all.
The NYT needs to hire Roger Ailes to get this mess cleaned up. Or maybe KKKarl Rove.
My brother Phil says that the pink slipped employees "They were fact checkers, many of whom worked for Krugman. Not needed."
I wish I'd thought of that line.
posted by Tom Faranda | 10:07 PM
2 Comments:
Let's see. Laying 400 people off and charging for heretofore free content. The New York "don't do as I do, do as I say" Times. How republican of them.
you know, since they decided to charge a fee to read their premium columnists, i haven't indulged in any of their rants. and amazingly, my day just seems a little nicer. maybe all of us should focus on what's local in our lives and not listen to all the hateful meanness that enters our homes under the guise of world news and wordly opinions every day. I'm thinking about you today, Tom. love ya thea
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