Wednesday, July 9, 2008

The New York T(anking)imes

The NYT stock values are projected to go into steep decline by Lehman Brothers.

In mid 2002, NYT stock sold for a high of $53.00 per share. If you had bought in at the high, your investment would have fallen off by 74% as of today. And if you bought in at today's prices . . . :

Virtually announcing to the world that the New York Times Company is in the process destroying shareholder value, investment bank Lehman Brothers is telling investors that its 12 month price target for a share of New York Times Company stock is $8 a share, down 46 percent from $15.06 at the time the report was published. . . .

Worst of all, Lehman sees a possible dividend cut ahead. That would be painful for many members of the ruling family, and could threaten Pinch Sulzberger's control eventually.

Read the entire post. The stock value dropped nearly a $1 a share on this news just today.

I do not recall precisely when the NYT became a fully leftist rag. Clearly they had dispensed with journalistic ethics and objectivity by 2004, when I started paying close attention. They have been, at least over the last half decade, the premier mouthpiece for the far left and the leading cheerleaders for defeat of U.S. forces in Iraq. They have regularly published classified material when they have gotten their hands on it, irrespective of the damage to our national security, and just recently, took the unnecessary and immoral step of publishing the name of KSM's chief interragator at the CIA. How much of the decline in stock value is attributable to acts such as these as opposed to a combination of bad business decisions and the overall problems besetting the news industry, I can't say, though I would hope the former is the lion's share. That said, this is a moment for celebration indeed. I will break at the Islay single malt for this one. I am saving the budget breaking scotch, currently kept in a safe, for the day the NYT joins Air America in left wing media oblivion (or gets sold to Ruport Murdoch).


MK said...

My thought exactly, excellent.

Freedom Fighter said...

What are you drinking, GW? Laphroaig?

My personal hope for the Times was always to see the editor and publisher prosecuted for treason..It would be a fine sight to see Keller and Little Pinch dragged off kicking and screaming.

That won't happen,but I wouldn't mind seeing Murdoch buy it and totally revamp it into an actual credible newspaper.

All Best,