by James Buchanan
Donald Trump has repeatedly used the expression “The Failing New York Times.” Naturally the liberal media has furiously denied this and has accused Trump of not telling the truth, but as usual, the facts show that Trump is right and the liberal media is spinning and spewing more fake news, which is why they are going into a five spiral crash.
A ZeroHedge article from 2016 reported “…the (New York Times) newspaper will vacate at least eight floors in its iconic building, allowing it to ‘generate significant rental income’ because it is ‘frankly, too expensive to occupy this many floors when we don’t truly need them.'”
“The remaining staff will be consolidated on the remaining, redesigned floors in a ‘more dynamic, modern and open workplace, one that is better suited to the moment.'”
“Furthermore, the NYT publisher and CEO will lose their corner offices, which they call a ‘vestige from a different era” and will “introduce more team rooms and common spaces.'”
Good! Let these liberal hacks work in a boiler room operation, shoulder to shoulder with no private offices. They deserve it for decades of lying to the American public.
That wasn’t the only trouble for the New York Times. A 2009 news article reported “The New York Times Co. said Monday it sold back part of its headquarters building in a $225 million deal…”
“The newspaper said the sale of 21 floors in its midtown Manhattan headquarters would help it gain more financial flexibility.”
“The New York Times will now lease that real estate from the buyer, investment firm W.P. Carey & Co.”
“Amid a slumping economy and drying up advertising revenue, the New York Times has been looking to pay off its debts. The newspaper owes about $350 million on loans that are due in the next couple of years.”
So not only did the New York Times have to sell 21 floors of its headquarters building, it still had $350 million in debt to pay off. If all the money from that sale ($225 million) went into paying their debt, the New York Times would still have had to raise $125 million.
On top of that, they needed to rent much of that office space back adding two million dollars to their annual operating expense.
That short-term emergency maneuver has not helped much otherwise they wouldn’t have had to rent out an additional eight floors in a mad scramble to find enough revenue to keep them going.
A Breitbart news article reports “Peddling fake news does not, in fact, equate to a long-term successful business strategy, reporters for The New York Times are learning the hard way.”
“The Gray Lady, which many in the media class consider the pinnacle of the information business, is struggling so much financially that reporters are expected to be laid off from the publication, along with many editors, the New York Post reports.”
“’Reporters at the New York Times could soon be ‘vulnerable’ to the ax,’ the Post’s Keith Kelly wrote. ‘If the ongoing round of voluntary buyouts being offered to editing staff does not get enough takers, the Gray Lady could begin another round, NYT Executive Editor Dean Baquet recently warned his top department editors.’”
“Kelly reported that as part of an ongoing restructuring at the Times—which has been happening since early 2017—a whopping 109 copy editors have already been terminated…”
So, after selling 21 floors, renting out another eight, cramming their workers into open offices like sardines and firing 109 copy editors, they’re still in trouble and will likely begin another round of lay offs.
A Fox News article back in December of 2016 reported “The publisher of The New York Times penned a letter to readers Friday promising that the paper would ‘reflect’ on its coverage of this year’s election while rededicating itself to reporting on ‘America and the world’ honestly.”
Doesn’t that imply that the New York Times was NOT telling the truth during the election when they were constantly smearing Trump and quoting fraudulent polls that showed Hillary way ahead?
A news agency should live or die based on its credibility and given the New York Times’ sorry history of deception, it’s long overdue that this leftist propaganda outlet should go completely extinct.