NY Times Follow Up
Blodget does a fantastic follow up to the initial series of posts he has done on the New York Times.
The company is heading for a brick wall in May of next year. Specifically, even if it didn’t have to pay back roughly $400m in short term debt, then it wouldn’t be profitable anyway. That might not make much difference, but the company has no cash left as it is, so the situation becomes even more tenuous.
Given the Cubs sale is going so badly, then the share of the Red Sox might not fetch much. Forget about the Boston papers getting anything and management seems ignorant as to the fact that they need to cut deep and wide in their editorial department and for the Salzberger family, to eliminate their dividend.
The analysis gives more credence that their only option will be to sell About.com.
Meanwhile, I am sure Murdoch lurks in the shadows licking his chops.
