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mises
Joined: 05 Nov 2007
Location: retired
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 Posted: Mon May 11, 2009 2:07 pm Post subject: The New York Times and its money are easily parted |
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http://network.nationalpost.com/np/blogs/fullcomment/archive/2009/05/11/the-new-york-times-and-its-money-are-easily-parted.aspx
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According to Businessinsider.com, the $250 million loan the New York Times took from Mexican billionaire Carlos Slim isn't much different than a payday loan you'd get from the corner cheque-casher.
The Times paid $4.5 million up front for the privilege of borrowing the money, will pay 14% interest (which would make some credit card companies blush), is handing over warrants worth 10% of the company and is impeded from spending the money on wasteful journalistic operations.
"Say what you will about the ethics of Carlos Slim's various business dealings, he is not a stupid man. For example, he was not about to lend the New York Times $250 million only to watch the company piss it away on, say, journalism. "
Was the Times really so bereft of willing lenders that it needed to sign up to the corporate equivalent of loan-sharking? Maybe it would just be best to sell to Murdoch now, rather than watch the paper die a slow death under such onerous conditions. |
When the NYT goes *beep* up and begs for a bailout, let's not blame Craigslist or the internet. With financial management like that, death is the only possible outcome.
The newspapers are failing because they were loaded up with debt and very poorly run. |
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blade
Joined: 30 Jun 2007
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| Posted: Mon May 11, 2009 11:39 pm Post subject: |
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Luckily for the NY Times other people are just as willing to be parted with their money 
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A Korean activist bought a full page advertisement in The New York Times' May 11 edition demanding the newspaper stop referring to the East Sea as the Sea of Japan.
Seo Kyung-duk, a Korean publicity expert and a guest professor at Sungshin Women's University in Seoul, bought the ad and titled it "Error in NYT."
It is not the first time that Seo bought ads in the newspaper. Last July and August, he spent millions of won on full-page advertisements about Dokdo and the East Sea in the NYT and the Washington Post.
The most recent ad points out the NYT's "mistake" when it labeled the East Sea the Sea of Japan on a reference map for an article concerning North Korea's rocket launch.
With the ad, Seo inserted a map that the NYT used for the article, but alternated the label "Sea of Japan" with the correct East Sea. At the bottom of the ad, Seo stresses the historical aspect of the name, saying "The sea between Korea and Japan has been called the "East Sea" by numerous countries for 2000 years and an island called "Dokdo," which is located in the East Sea was recognized as a Korean territory. These are historical facts that are not exchangeable."
In the ad, Seo said "the most well-known newspaper firms such as the New York Times, the Wall Street Journal and the Washington Post never called 'East Sea' as it name according to my research for Asia related articles for last 10 years."
He explained his motive for the action, saying "I wanted to correct errors by global newspapers, which are the most read papers among numerous countries' government, firms, press and international organizations."
He has further plans to publicize the "East Sea" as a correct name. He said he is going to buy ads in other major press with titles like "Error in WSJ (Wall Street Journal)" and "Error in WP (Washington Post)."
By Hwang Aesol
([email protected])
2009.05.12
http://www.koreaherald.co.kr/NEWKHSITE/data/html_dir/2009/05/12/200905120097.asp
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