The Death of the NY Times?
The Atlantic Magazine has a very interesting article about the death of print newspapers. The New York Times is the main newspaper discussed in this article. What would happen if The New York Times goes out of business? Some of these excerpts from the article caught my eye:
"But what if the old media dies much more quickly? What if a hurricane comes along and obliterates the dunes entirely? Specifically, what if The New York Times goes out of business—like, this May? It’s certainly plausible. Earnings reports released by the New York Times Company in October indicate that drastic measures will have to be taken over the next five months or the paper will default on some $400million in debt. With more than $1billion in debt already on the books, only $46million in cash reserves as of October, and no clear way to tap into the capital markets (the company’s debt was recently reduced to junk status), the paper’s future doesn’t look good."
I wonder if many of The New York Times readers and others feel the same way as Abe Rosenthal, the Times fromer executive editor: "The paper’s credit crisis comes against a backdrop of ongoing and accelerating drops in circulation, massive cutbacks in advertising revenue, and the worst economic climate in almost 80 years. As of December, its stock had fallen so far that the entire company could theoretically be had for about $1 billion. The former Times executive editor Abe Rosenthal often said he couldn’t imagine a world without The Times. Perhaps we should start."
Does this truly mean the "death of instiutional, high-quality journalism" as stated in the article?
I also find it interesting that their own website, nytimes.com, "boasted an impressive 20 million unique users for the month of October, making it the fifth-ranked news site on the Internet in terms of total visitors." But their print product, "is sold to a mere million readers a day and dropping, and the Sunday print edition to 1.4 million"
I walk passed the NY Times building everyday as I go to work. The building is a huge structure that is look upon with pride for the inhabitants of NYC and quite possibly the world. I am a very big supporter of the internet and those sites that allow me to read news on-line. But what would the world be like without print newspapers? What would happen if The New York Times and other newspapers like it just vanished?