Wednesday, February 18, 2009

Break Out the Champagne--New York Times Stock Sinks to $3.65/Share

Previous Close: $3.77 (2/17/09)
Open: $3.78
Bid: NA
Ask: NA
Day's Range: $3.65 - $3.83
52 Week High: $21.14 (4/25/08)
52 Week Low: $3.65 (2/18/09)

Markets do work. Too bad we didn't sell short. Arthur Ochs Sulzberger seems to be mismanaging his inherited firm into the ground. The Times reports that Carlos Slim Helú has lent the firm $250 million to help it pay off debts in light of flagging readership. The Times stock sold on the market is non-voting. Only the Ochs Sulzbergers, who advocate inheritance taxes for everyone but themselves, have voting stock.

The question is not so much when the Times will fold, but rather, whether anyone will care (other than Mr. Helú and the Ochs Sulzbergers) when it does. (H/t Howard S. Katz.)


Greg Goss said...

I know stated that you would buy oil when it hit $37, did you place a buy for NYT for $3.70?....LOL

Mitchell Langbert said...

No! Don't forget, the Sulzbergers, as usual, have hypocritically set up an approach that they would criticize if another firm did it. None of the publicly traded stock is voting. So stockholders can't vote them out. PS---I didn't buy oil at $37! Don't believe everything you read! However, I am in El Dorado Mining and Kinross shares, soon to be sold.