The New York Times Company
The New York Times Company Severely Cuts Dividend, Pot of Wealth for Sulzbergers; Analyst: 'It Was Inevitable'
As has been speculated for about month, The New York Times Company has severly cut its dividend—the pool of money it hands out to its shareholders, including about $25 million to the Sulzberger-Ochs clan—from $.23 -per-share to $.06-per-share. That's about a 75 percent cut for what serves as one of the biggest sources of income for the entire family.
"This was a difficult but necessary decision that will provide us with greater financial flexibility in these uncertain economic times," said Arthur Sulzberger, Jr., chairman of the company, in a statement.
The trustees of the Ochs-Sulzbergers sent out a statement supporting the decision and said that while it will be "very difficult" for its shareholders, the decision "serves the best interests" of the company. read more »
Times Company Falls Again; Market Cap Plunges to $1.1 Billion
As a follow up from yesterday's bad news, Times Company stock hit another 52-week low today, falling to $7.70 today.
That puts the Company's market cap at $1.1 billion. By comparison, last year at this time the Company's market cap was at $2.7 billion. In an even rougher comparison, George Steinbrenner is worth about $1.3 billion.
Times Company Closes Globe Printing Plant; Another 200 Employees 'Affected'
On Monday, the Times Company closed its wholesale distributor, which would mean a job loss of some 550 people, and today the Boston Globe reports that the Times Company is closing one of the Globe's printing plants. "The Boston Globe said yesterday that the newspaper plans to shutter its Billerica printing plant by 2010, affecting as many as 200 employees who work at the site. The paper plans to keep its main printing plant in Dorchester."
As tough as it is for reporters, what about the distributors? That's 750 people fired in five days.
WSJ Report: New York Times Company Nearly 'Junk'
More bad news for the suddenly beleaguered New York Times.
A report in today's Wall Street Journal by David Gaffen claims that as shares of the company continue to fall, "Standard & Poor’s said it is facing a potential downgrade, which would drop the credit rating into junk territory."
(Conservative press critics have been saying that for years without all the fancy numbers and statistics.)
According to an analyst from Barclays Capital quoted by The Journal, “We can not envision a single positive scenario." Well, not unless you're Rupert Murdoch, that is.
Times Will Raise Newsstand Price to $1.50
Arthur Sulzberger, Jr. and Janet Robinson reported grim second-quarter results today—ad revenue down another 10 percent versus the second quarter last year, net income down to $21 million versus the $118 million they made this quarter last year—and just dropped a small bombshell:
"We plan to increase the daily newsstand price of the Times from $1.25 to $1.50," said Ms. Robinson on a conference call with investors this morning. It goes into effect on August 18.
The paper last raised newsstand prices last July.
Black and White, Red All Over: Is 2008 the Worst Year in Modern Newspaper History?
They'll be reporting The New York Times Company's second-quarter earnings. Last time they did one of quarterly earnings calls, The Times reported big losses; there was a plan to cut 100 newsroom jobs, some through straight-up layoffs rather than superannuation and retirement deals.
And in the past few weeks, it's only gotten worse: the company's stock has fallen to a decade low, and tumbled more than 15 percent in just this month. read more »
The New York Times Co. Stock Falls Another 3 Percent
The Times stock tumbled even further today than initially projected, closing at $13.62, down from the $14.01 it held at closing time yesterday, which was 7 percent down from the day before.
New York Times Stock Falls to a 10-Year Low
As we speak, New York Times company stock is at $13.72, its lowest level since October 1998.
Times stock fell 7 percent yesterday, and it's down another 2 percent today after Lehman Brothers analyst Craig Huber wrote in a note to clients yesterday predicting that Times stock would only continue to fall. He cut his price target for the stock to $8 from $11 and wrote, "New York Times shares should follow its weakening fundamentals over time." That's because everything in the world of newspapers is tanking:
Ad revenue at the flagship New York Times likely will drop 9.1 percent this year, more than the 7. read more »
Wingnuts, Bugs Attack Sulzberger at Times Shareholder Meeting; New Board Raider Galloway Comes to Rescue of Old Ladies
The wingnut parade at the 112th annual New York Times stockholder's meeting, held late this morning at the Times' conference room on the other side of a birch-and-moss filled atrium from the Times' newsroom tower, was out of control. And when chairman Arthur Sulzberger Jr. was not being harassed by pesky shareholders, he was being attacked by bugs. (He spent about a minute flailing at an insect that seemed to have emerged from his hair.) Cliff Kincaid of Accuracy in Media was there. read more »
Hedge Fund Members Join Times Company Board
The emerging showdown between Harbinger and Firebrand and the New York Times Company has come to an end. The two parties have reached an agreement where two hedge fund leaders, Scott Galloway and James Kohlberg, will both join the Times Board, increasing the size of directors on the board from 13 to 15 members. The Times reports that it's the first time since the company went public in 1967 that it has accepted board members from outside the company. read more »
McCain Camp Trips Up Self-Loathing Media
For all the clumsiness of the McCain press folks over the past 30 hours since The New York Times published their story about their candidate's ties to a lobbyist, they scored at least one direct hit—a talking point that has appealed to and happily been dispersed by the self-involved press.
But first, the idiocy! read more »
Times Columnists Dance on TimesSelect Grave
“If you mention the words ‘subscription’ and ‘Internet,’” said Andrew Rosenthal, “the bloggers come after you with pitchforks!”
Mr. Rosenthal, the New York Times editorial page editor, of course won’t have to deal with pitchfork-wielding bloggers, now that TimesSelect, the newspaper’s paid subscription service—complete with a op-ed columnist-shielding pay wall—has officially been killed off.
Nor will Mr. Rosenthal have to fend off the 22 opinion columnists who had been behind the paywall. read more »
The Round-Up: Wednesday
- 66 Pearl Street sells for $19 M. [Real Deal]
- Ethan Allen leasing 37,000sf in 1010 Third Ave. [2nd item] [NY Post]
- Health Department crackdown snares big-name eateries. [NY Post]
- City Housing Authority faces $225 M. deficit. [NY Times]
- Manhattan office rents hit record highs. [NY Times]
- A look inside retail condos in Manhattan. [NY Times]
- In the housing slump, maybe it's time to rent. [NY Times]
- Commission names Jackie Robinson Pool a landmark. [NY Sun]
Did we miss any New York City real estate news this morning? Please send along tips and links.
Frieden on Circumcision, the Times
In a letter forwarded to me by a reader (and subsequently posted on this website), Tom Frieden wrote:
"We do not yet know what impact circumcision could have on HIV transmission in New York City, and we have not suggested or planned any initiative or campaign. Quite to the contrary, I indicated in an interview with the New York Times (the source of the misrepresentation) that I very much doubted that even 1% of men at high risk in NYC would undergo the procedure."
The rest of the letter is here.
-- Azi PaybarahThe Round-Up: Tuesday
- New boutique hotel on Soho's edge? [NY Post]
- 400,000sf lease at 1271 Sixth closes. [2nd item] [NY Post]
- City OKs redevelopment for four former firehouses. [NY Post]
- Gentrification likely claims East Harlem school. [NY Times]
- Health Department to revamp rodent inspections. [NY Times]
- Defaults rise among borrowers with decent credit. [NY Times]
- Philadelphia tries to lure away New York's artists. [NY Sun]
- Inspector who passed Village KFC/Taco Bell resigns. [NY Sun]
- Complaints about KFC/Taco Bell before inspection. [Daily News]
Did we miss any New York City real estate news this morning? Please send along tips and links.
Times Web Guy Nizza Becomes Reporter; Takes Over Lede Blog
--Michael Calderone Memo after the jump read more »
Barney Makes Nice With Keller
Now, award-winning media critic Calame is giving credit to his boss, for deciding to continue on with the public editor position.
Back in January, that was still up for debate. Here's what Keller told The Observer:
"Over the next couple of months, as Barney's term enters the home stretch, I'll be taking soundings from the staff, talking it over with the masthead, and consulting with Arthur," meaning publisher Arthur O. Sulzberger Jr., wrote Bill Keller, The Times' executive editor, in an e-mail to The Observer.
But last month, WWD reported that there would be a third public editor, and (one-time Barney hater) Jack Shafer started naming names.
While Calame didn't get into specifics on who should be the next public editor, he did heap praise on the "big shots" at the Times in yesterday's column:Mr. Keller is now seeking someone to continue the public editor function when my fixed two-year term ends next month.... So if sometime next year the public editor describes in this space a journalistic lapse at the paper, readers would be wise to remember that Mr. Keller deserves some of the credit for sticking with the process that brought it to light.--Michael Calderone
The (Big) Round-Up: Monday
- No more gunfire across the bay for City Islanders. [NY Times]
- Chumley's wall collapse sparks many happy memories. [NY Times]
- Hey, apartment hunters, don't forget to ask about... [NY Times]
- An author of lower Fifth finds 'the best place to be.' [NY Times]
- Two West 56th Street townhouses closely linked. [NY Times]
- More luxury housing overlooking Green-Wood Cemetery. [NY Times]
- Mortgage products straining 'mathematical capacities.' [NY Times]
- Co-op to condo conversion more trouble than its worth. [NY Times]
- Security deposits--when can a new landlord demand one? [NY Times]
- Can a co-op board member campaign for someone? [NY Times]
- Housing slump hits state tax revenues nationwide. [NY Times]
- Coffeeshop dusting off grit to please new East Village. [NY Times]
- Hamptons papers to clash over real-estate advertising [NY Times]
- Memories of the almost-2nd Avenue Subway. [NY Times]
- City shutters Chumley's indefinitely, despite 'secure' building. [NY Post]
- State rejects second Starrett City bid by Bistricer. [NY Post]
- Battle looms in Albany over loft-tenants law. [NY Post]
- Brokers push to land more foreign buyers. [NY Post]
- Empire State Building owners sue parachuter for $12 M. [Daily News]
- MTA to domolish buildings for 2nd Avenue Subway. [Daily News] UPDATE:
- Face it: Jonathan Miller will appraise your apartment. [New York]
- New York living as marketing tool nationwide. [New York]
Did we miss any New York City real estate news this morning? Please send along tips and links.
The Round-Up: Friday
- Police academy moving from Gramercy to Queens. [NY Times]
- Bistricer calls out big guns on Starrett City deal. [NY Times]
- City to launch 'Trans Fat Help Center' for restaurants. [NY Sun]
- High rents drive out Astor Place Barnes & Noble. [NY Post]
- Quinn proposes mortgage-counseling program. [NY Post]
- MTA casts wide net for top NYC Transit post. [Daily News]
Did we miss any New York City real estate news this morning? Please send along tips and links.
The Round-Up: Thursday
- MTA mulls sliding glass doors for Second Ave. Subway. [NY Times]
- Atlantic Yards work under way as doubts, suits dog it. [NY Times]
- Upper East Side residents argue over dog run. [NY Sun]
- Foye: ESDC may lower developer subsidies. [NY Sun]
- Loehmann's opens Upper West Side location. [NY Sun]
- Jean Nouvel's condo rising in Chelsea a 'vision.' [NY Sun]
- City may create a historic district out of NoHo. [NY Sun]
- Pension funds feast off Manhattan real estate. [NY Sun]
- Scorsese sells Upper East Side townhouse. [NY Post]
- Newer lower Westchester high-rises draw city buyers. [NY Post]
Did we miss any New York City real estate news this morning? Please send along tips and links.
The Round-Up: Wednesday
- JP Morgan Chase negotiating tower near Ground Zero. [NY Times]
- Residents, restaurants view Brooklyn jail differently. [NY Times]
- Manhattan condo conversions switch to commercial. [NY Times]
- Nonprofits maneuver with real estate. [NY Times]
- City building-code changes may up construction costs. [NY Sun]
- Surfer-wear store coming to Herald Square. [NY Post]
- Merrill Lynch mulling tower in Hotel Penn's place. [2nd item] [NY Post]
- Toy Building to offer 800,000 feet of office space. [NY Post]
- City gives tax breaks to undeserving landlords. [NY Post]
- British buy in East Harlem ignites protest. [NY Post]
- Mom-and-pop Donut Pub vs. Dunkin' Donuts in Chelsea. [Daily News]
Did we miss any New York City real estate news this morning? Please send along tips and links.
The Round-Up: Tuesday
- West 54th Street building sells for $110 M. [GlobeSt]
- Upper Manhattan portfolio sale could top $1 B. [Real Deal]
- Manhattan home sales rise sharply in first quarter. [NY Post]
- Coney Island's Astroland may stay open next summer. [NY Post]
- Survey: City's middle-class disappearing. [NY Post]
- Toy Building selling for nearly $500 M. [NY Post]
- Morningside Heights mansion lowers asking to $20 M. [NY Times]
- Subprime giant New Century files for bankruptcy. [NY Times]
- Chelsea residents foil seminary's development plans. [NY Sun]
Did we miss any New York City real estate news this morning? Please send along tips and links.
The (Big) Round-Up: Monday
- Ellis Island ferry building to reopen after half-century. [NY Post]
- Spitzer plans overhaul of State Liquor Authority. [NY Post]
- Yankees-themed fitness clubs to open in 2008. [NY Post]
- City suffers from 'acute' shortage of playing fields. [NY Times]
- Zoning changes to protect scale in West Harlem. [NY Times]
- New Yorkers facing greater scrutiny for mortgages. [NY Times]
- Tishman Speyer plays nice in Stuy Town, Cooper Village. [NY Times]
- Home choices because of shopping. [NY Times]
- Corcoran, Elliman not participating in REBNY listings. [NY Times]
- Borrowers, beware, in today's mortgage market. [NY Times]
- The skylight broke: Who's responsible? [NY Times]
- Replacing windows in a New York condo. [NY Times]
- Borrowers 'not powerless' as ARMs adjust rates. [NY Times]
- Retail in the shadow of Opening Day at Yankee Stadium. [NY Times]
- Roving play draws upon city real estate and romance. [Newsday]
- When--and where--will subprime-mortgage story end. [WSJ]
- How to get a table at popular restaurants. [WSJ]
Did we miss any New York City real estate news this morning? Please send along tips and links.
The Afternoon Wrap: Friday
- Mmmm... spring. It's definitely sprung in Friday's weather. And Save Coney Island took advantage of it to protest at City Hall the plans of Thor Equities for the iconic Brooklyn neighborhood. [Curbed]
- What better way to pass a spring day than tossing "A White Sport Coat and a Pink Crustacean" on the turntable and sitting back with a margarita? Sur La Table, at Crosby and Spring streets, now sells a Jimmy Buffett's Frozen Concoction Maker for just $300. (Lost shaker of salt not included.) [Gawker]
- We don't know how we missed this New York trend, but, apparently, creepy old men have trouble getting single women to visit their apartments. Good to know. [NY Times]
- Prediction: The next few days will be stressful for Yaakov Horowitz. As the chief rabbi at Jersey City-based Manischewitz, the world leader in matzo production, Mr. Horowitz oversees the company's annual production of 75.6 million sheets of matzo--a lot of which will be consumed once Passover starts Monday evening. [CBS 11] - Tom Acitelli
Globe Launches Fashion Magazine
Despite gloomy buyout news from the Boston Globe in recent weeks, there's still enough staffers left to launch a new monthly magazine supplement: Fashion Boston. read more »
Today's release after the jump.
The Round-Up: Friday
- 'I work at analyzing rat issues.' [NY Times]
- Realogy's chief ethics officer leaves over ethics lapse. [NY Post]
- Oh.My.God. New Bowery Whole Foods opens. [NY Post]
- Tenant-landlord dispute over Brooklyn Public Library site. [Daily News]
- More on Hotel Gansevoort billboards brouhaha. [Villager]
Did we miss any New York City real estate news this morning? Please send along tips and links.
The Round-Up: Thursday
- Wal-Mart 'would like to be' in the outer-boroughs. [Crain's]
- Hamptons rental season strongest since '03? [NY Sun]
- 'Keen' demand among investors for city rental properties. [NY Sun]
- Meet the city's new urban-design director. [NY Sun]
- Large rezoning in Jamaica faces opposition. [NY Sun]
- Concrete on the rise in New York projects. [NY Sun]
- City Council members gloat over Wal-Mart concession. [NY Sun]
- Former Elad CFO blames firing on not being Israeli. [NY Sun]
- Sander picks former boss to head subways, buses. [NY Post]
- Sarah Ferguson buying in Cipriani Club Residences. [NY Post]
- Council OKs tax benefits for Mitchell-Lama projects. [NY Times]
- Brooklyn, Queens buildings sell for $118 M. [GlobeSt]
Did we miss any New York City real estate news this morning? Please send along tips and links.
The Round-Up: Wednesday
- Dashed hopes in foreclosures wave. [NY Times]
- Take a look at New Museum of Contemporary Art. [NY Times]
- Wal-Mart chief to city: Forget you. [NY Times]
- Sitt shifts condos in Coney Island plan. [NY Post]
- Mt. Sinai selling Fifth Avenue apartment building. [NY Post]
- Istithmar flips 230 Park Avenue for $1.15 B. [NY Post]
- Columbia to serve first West Harlem eviction notice. [NY Sun]
- ESDC never saw Atlantic Yards business plan. [NY Sun]
Did we miss any New York City real estate news this morning? Please send along tips and links.
The Round-Up: Tuesday
- London group buys East Harlem, East Village properties. [NY Times]
- New-home sales drop--again--in February, feds say. [NY Times]
- Anti-Coney Island condos rally set for City Hall. [NY Post]
- Changes put Empire State Building on tenants' radar. [NY Post]
- Housing woes roil markets. [NY Post]
- City tenants to split $1.9 M. settlement. [Daily News]
- Indy Racing on Governors Island? Maybe. [NY Sun]
Did we miss any New York City real estate news this morning? Please send along tips and links.
Koppell: Okay with NYPD Protest Surveillance
Former state Attorney General and current City Councilman Oliver Koppell, for one, doesn't think there was anything wrong with the widespread police surveillance conducted in the run-up to the Republican National Convention. The police surveillance reports, news of which has provoked a strong reaction on liberal blogs, included the names of three people who served in the City Council: Charles Barron, Bill Perkins and Larry Seabrook.
"Vigorous advocacy can turn into violent acts," Koppell explained.
-- Azi PaybarahThe (Big) Round-Up: Monday
- Lipstick Building selling; could get $600 M. [Daily News]
- Subprime-mortgage bust forces out borrowers. [Daily News]
- The end of San Gennaro in Little Italy? [Daily News]
- 'Tread carefully' in buying foreclosed properties. [Daily News]
- Why buyers should read offering plans closely. [NY Times]
- Bleecker Street's old housing showpiece. [NY Times]
- Living in--and looking at--Howard Beach, Queens. [NY Times]
- Louise Sunshine buys in Boca Raton. [NY Times]
- Subprime storm spreads beyond those with bad credit. [NY Times]
- Are low-assessment riders in condos, co-ops necessary? [NY Times]
- What're inheritance rights in rent-controlled apartments? [NY Times]
- New York developer Howard Ronson dies. [NY Times]
- Philly-based Korman turns condos into extended-stays. [NY Times]
- Schumer calls for federal-mortgage regulation overhaul. [NY Times]
- Hell's Kitchen more gay-friendly. [NY Times]
- New restaurant-rating system for the city? [NY Post]
- City officials swing at Joseph Sitt over Coney Island. [NY Post]
- Tribeca saga: Living 17 years rent-free! [NY Post]
- Albany mulls tax breaks for city renters. [NY Sun]
- Astroland on Coney Island readies for final season. [NY Sun]
- City steps up church-preservation efforts, some say. [NY Sun]
- 'Worst yet to come' in national housing market? [NY Sun]
Did we miss any New York City real estate news this morning? Please send along tips and links.
Squeezed by New York Times, Globe-ies Are Crowding the Exits
The Round-Up: Friday
- Developer buys West Side site, plans condo. [Real Deal]
- Number of rich, white Manhattanites under 5 surges. [NY Times]
- City bans contractor from city, state work. [NY Times]
- Senate grills regulators over subprime mortgages. [NY Times]
- Computer program furthers subprime debacle. [NY Times]
- Bon Jovi goes to contract on $26 M. Soho duplex. [NY Post]
- Some New Yorkers embrace solar panels. [NY Post]
- City's green developments multiply. [NY Post]
- Historic Harlem ballroom going partly condo. [NY Sun]
- Big developers eye pieces of Ground Zero. [NY Sun]
Did we miss any New York City real estate news this morning? Please send along tips and links.
The Round-Up: Thursday
- Bribery arrests for Parks contractors. [NY Sun]
- Building buyers beat gains taxes by fast selling. [NY Sun]
- Tougher sites for new city rental development. [NY Sun]
- Barneys may expand into Meatpacking District. [NY Sun]
- Zoning changes coming for Bed-Stuy, Fort Greene. [NY Sun]
- Few good choices for subprime borrowers. [NY Times]
- Rats shut down Papaya King on Upper East Side. [NY Post]
- City dwellers buy second home first. [Daily News]
- Feds leave option to cut rates. [WSJ]
Did we miss any New York City real estate news this morning? Please send along tips and links.
Bill Keller on the "Web" and Reinvention
Full release after the jump. read more »
The Round-Up: Wednesday
- MTA announces first 2nd Avenue Subway contract. [NY Times]
- Vets battle city over Brooklyn American Legion closing. [NY Post]
- Park on Chelsea waterfront moves forward. [NY Post]
- 230 Park Avenue South could sell for over $250 M. [NY Post]
- Challenges to N.Y. Historical Society's renovations. [NY Sun]
- Mack-Cali buys 125 Broad for $273 M. [WSJ]
Did we miss any New York City real estate news this morning? Please send along tips and links.
2nd Avenue Subway to Start Really Soon! Really.
Full release after the jump. read more »
- Matthew SchuermanThe Round-Up: Tuesday
- Costs of 2nd Avenue Subway grow. [NY Times]
- 76,000-square-foot lease at 88 Pine Street. [NY Post]
- Moinian drops condos at 60 Madison. [2nd item] [NY Post]
- More on subprime mortgage problems. [Daily News]
- Parks Department tries again in Coney Island. [Daily News]
- Bill would close southern Brooklyn zoning loophole. [Daily News]
- Construction starts on Upper East Side condo. [GlobeSt]
Did we miss any New York City real estate news this morning? Please send along tips and links.
Head of Javits Expansion Effort to Leave
Mike Petralia, the state official overseeing the increasingly convoluted Javits Convention Center expansion, is leaving his job by the end of the month, according to sources. Appointed by the Pataki administration less than two years ago, he was not expected to last long once Governor Spitzer took over, especially given the fact that the new Governor is pushing for a new design of the $1.7 billion expansion.
Mr. Petralia's boss, Patrick Foye, the co-chairman of the Empire State Development Corporation, said he would not comment on personnel matters, nor did Mr. Petralia return a telephone message left at his office on Friday.
- Matthew SchuermanThe (Big) Round-Up: Monday
- Feds add child porn charges against Southampton broker. [NY Times]
- Mortgage troubles tug at American dreams. [NY Times]
- This just in: Parents help kids buy New York apartments! [NY Times]
- Veterans of Brooklyn before the boom. [NY Times]
- Finding old Soho in current Tribeca. [NY Times]
- Sliver buildings back in vogue in Midtown. [NY Times]
- What happens when a rent-controlled tenant's evicted? [NY Times]
- Can co-op boards limit sublet's rent? [NY Times]
- Controversy over West Side chapel razing for tower. [NY Times]
- When paying off a mortgage early is good. [NY Times]
- The enduring unpopularity of condo, co-op flip taxes. [NY Times]
- Comparing New York housing market to dot-com stock. [New York]
- Subprime lenders keep flailing. [WSJ]
- Subprime crisis could drag on overall economy. [WSJ]
- Luxury builders eye Second Avenue. [NY Sun]
- Are city's truck