Lost in the overall cratering in the stock market yesterday in reaction to Tim Geithner's awful "soiled the bed" TARP II presentation yesterday -- New York Times Company stock closed at $4.23. As of 3:30 PM today, the stock was up 12 cents.
Yesterday's close is the stock's lowest point since the company went public in July 1986 (down over 50% in real terms):
At yesterday's close, the company was worth just over $600 million, down from over $800 million less than three months ago.
That's probably less than the value of its stake in the Boston Red Sox (perhaps $150 million) and its Manhattan headquarters building (Business Week estimated it was worth $750 million after taxes in July of last year; even with a horrid real estate market, there's little chance it's worth less than $500 million).
This means that the Times Company would have to pay someone to take the Times, the Boston Media Group (including the Boston Globe), and About.com off its hands.
We're supposed to believe that the Times's non-stop Bush-bashing that begin in earnest in mid-2002 as that administration made its case for invading Iraq "just so happened" to coincide with the stock's fall from its all-time high to its current all-time low, and had no actual influence on the stock's dive:
We're also supposed to believe that the stock's loss of over 75% of it value since mid-September 2008 only relates to economic conditions, and can't possibly have anything to do with its over-the-top Barack Obama cheerleading, cover-ups, and apologetics.
Uh huh.
Cross-posted at BizzyBlog.com.
—Tom Blumer is president of a training and development company in Mason, Ohio, and is a contributing editor to NewsBusters
Editor at Large
Comments Policy
Burn baby burn
February 11, 2009 - 15:53 ET by 10ksnookerIsn't it fun to watch a parrot roasting?
10... YES! ;-)
February 11, 2009 - 16:03 ET by bigtimer10...
YES! ;-)
let this rag die
February 11, 2009 - 15:53 ET by JIMMY1660SHOW ME THE MONEY-this is the only indicator that truly shows, how well bullshit sells.
let it die.
allow me to Love America
A Copy of the NYT or a Share of Stock?
February 11, 2009 - 15:53 ET by Chris NormanSo, you can buy a share of NYT stock for about the same price as you can a copy of their Sunday paper. Hmm, when it gets to the same price as a weekday copy, I'd say they're just about all in...
The "Mainstream" Media: By liberals. For liberals.
NYT
February 11, 2009 - 15:53 ET by Sergeant ROCKLet's pass the hat and buy NYT. Fire most everybody and show 'em how capitalism works. Make Rush an Editor at large or something?
"I ask, Sir, what is the militia? It is the whole people. To disarm the people is the best and most effectual way to enslave them."
George Mason
Bolton/KEYES 2012
Excellent idea Sarge, It
February 11, 2009 - 15:59 ET by Scuba DudeExcellent idea Sarge,
It would be sweet to see Rupert Murdoch sweep in and buy this poor excuse for a newspaper.
To see Dowd, Friedman and Herbert tossed out on their keisters would be the icing on the cake.
Scuba Doo
February 11, 2009 - 16:21 ET by Sergeant ROCKEhh.. they'd probably end up either in Obama's cabinet, msDNC or BOTH!
"I ask, Sir, what is the militia? It is the whole people. To disarm the people is the best and most effectual way to enslave them."
George Mason
Bolton/KEYES 2012
Rock what do you mean,
February 11, 2009 - 16:14 ET by bassndudeRock what do you mean, fire MOST everybody there? Clean house, and if they dont own a gun and practice daily, dont hire em.
Save a SeAL, club a liberal!!
I'm optimistic that..
February 11, 2009 - 16:20 ET by Sergeant ROCK.. maybe we can keep the housekeeping staff. Though, I would like to do an 'exit' interview on all of them.
"I ask, Sir, what is the militia? It is the whole people. To disarm the people is the best and most effectual way to enslave them."
George Mason
Bolton/KEYES 2012
Love it!
February 11, 2009 - 16:01 ET by mbmonahanThis is the only bad economic indicator that I can really get into.
Soros to the rescue!
February 11, 2009 - 16:07 ET by bigtimerSoros to the rescue!
Tom, you missed the best
February 11, 2009 - 16:12 ET by bassndudeTom, you missed the best part...fewer than 1 million shares were traded today. At 4pm close of 4.33 only 817,383 shares were traded. You can buy a 5 dollar Feb call for between 1 and 10 bucks. I would suppose you could get one for 5, maybe less. There are 12 wise people out there that have bought $2.50 April Puts. The lower this stock goes, the more money they make. Kinda gives you a warm feeling knowing someone, somewhere is profiting off the misfortune of this rag...gets you right there, dont it.
Save a SeAL, club a liberal!!
That is a good .....
February 11, 2009 - 16:18 ET by Tom Blumer..... catch.
Deat NYT
February 11, 2009 - 16:20 ET by OhmingPlease quit at once with your TV advertizing of your newspaper subscriptions here in Spokane. Seems that your ad comes on near dinner time when we are trying to eat. My wife is a wonderful cook and I really resent the odor of your ads for your propaganda paper stinking up the place. Please -- we are trying to eat.
Hey Ohming... Nice to
February 11, 2009 - 16:29 ET by bigtimerHey Ohming...
Nice to know I have another NW neighbor!
Have family in Spokane.
Schaudenfraud
February 11, 2009 - 16:22 ET by PShannonPinch Sulzberger is some kind of genius!
He's going to bankrupt the entire family amd they're just sitting back watching it happen.
Happy happy joy joy, happy
February 11, 2009 - 16:31 ET by dborschjr68Happy happy joy joy, happy happy joy joy!
Oh yeah.
Maybe these guys can get jobs working at local high schools reporting on sports?
"Liberate tutume ex inferis, liberal puppets." Me.
Hey Bigtimer
February 11, 2009 - 16:45 ET by OhmingI knew there was something I liked about you! What a small world it is. I live in the woods outside of town, pretty conservative out here.
I don't know how long you
February 11, 2009 - 16:57 ET by bigtimerI don't know how long you have lived in the area, but believe me, I have lived all around the Spokane are since I have been in my late teens...in different states, Id. and Mt. which I am on the stateline of the two now, near the Canadian Border.
Bonners Ferry and Troy or Libby ring a bell?
Tom: Has anyone ever
February 11, 2009 - 17:03 ET by BDTom:
Has anyone ever bothered to do an indepth analysis of the NYT stock in relation to its competitors?
After all, I have not read that the Washington Times is having financial problems.
Nor is Fox news since they have aparently had the capital to split off otheir own business channel.
So, if the NYT is bucking the trend, then the message must be the cause.
Not comprehensively, but .....
February 11, 2009 - 22:44 ET by Tom Blumer..... I did have a commenter at my place claim that Newscorp stock "has fared just as poorly" as NYT. The update at my cross-post shows otherwise.
I agree, while the Newscorp
February 11, 2009 - 23:17 ET by BDI agree, while the Newscorp stock is not a barnburner for the past two years, it is significantly BETTER than the NYT stock.
Good riddance to bad rubbish
February 11, 2009 - 17:17 ET by kevinm13The market recognizes garbage when it sees it. This is reflected in the stock price.
Ho Hum
February 11, 2009 - 17:26 ET by NorthCoasterHo Hum, it couldn't have happened to a nicer bunch of hacks.
If I bought the times....
February 11, 2009 - 17:34 ET by Lord ErondFirst thing I'd do is call in Dowd, Rich and Krugman, chuckle evilly in front of them and gasp out that they're FIRED as of NOW.
And then I'd circulate a memo that says everyone in the news room is FIRED at the end of the week.
Gawd, that's almost as good as dreaming about sex with Jessica Alba.
"What you can not enforce, do not command" -Sophocles-
Hip Hip
February 11, 2009 - 18:44 ET by BO STINKSHip Hip Hooray! Ding Dong the Pinch is dead. Good ole' Pinch, wicked Pinch. Ding Dong the wicked Pinch is dead!! The free market dropped a house on old Pinch and now his little striped socks are shriveling.
Some liars do get what's coming to them. Let's hope this is just the beginning of the end for multiple news outlets!
While it certainly seems
February 12, 2009 - 00:17 ET by jdhawkWhile it certainly seems that the NYT is heading to penny stock status (a penny stock is any stock that is priced under $5.00), I wouldn't put out of mind some sort of rescue.
Years ago when the Washington Post was heading into bankruptcy that uber liberal and billionaire, Warren Buffet, saved it by buying an equity share. Shares that he presumably still owns.
Nevertheless, should that not come to pass, it would give me great glee to see it go into bankruptcy.
Meanwhile, ABC is owned by Disney, NBC, CNBC, and MSNBC are owned by GE and CBS is owned by Viacom. Fat chance that these DNC mouth pieces will be going the same way anytime soon.
Maybe they'll get bought
February 12, 2009 - 06:13 ET by RR GOPMaybe they'll get bought out and become a subsidiary of Al-Jazeera? Hand in glove I think.
I was going to say Pravda, but at least they report on the invisible BHO birth certificate so they have some credibility in my book.
One of the 24% who thinks George W. Bush was a great President. One of the 89% who wants to bring back the stock and pillory.
Burn baby burn! The Rocky
February 12, 2009 - 12:32 ET by wiwfBurn baby burn!
The Rocky Mountain Collegian: Illustrating Idiocy