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New York Times & Canwest Almost Bankrupt

posted by Geordie Geography: Canada, USA Topics: media, economics

January 13, 2009

New York Times & Canwest Almost Bankrupt

It seems the New York Times could no longer be in circulation as soon as May. According to The Atlantic:

Earnings reports released by the New York Times Company in October indicate that drastic measures will have to be taken over the next five months or the paper will default on some $400 million in debt. With more than $1billion in debt already on the books, only $46million in cash reserves as of October, and no clear way to tap into the capital markets (the company’s debt was recently reduced to junk status), the paper’s future doesn’t look good.

Things are not much better for Canwest, which Jen & Fitz report has a:

High debt load of $3.6 billion, falling ad revenues for Canadian newspapers and broadcasters, and precipitously falling value of Australian TV stations it might try to sell to raise cash.

Could be ripe timing for some other kind of alternative media giant to emerge...


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