![]() This chart shows that The New York Times Company's stock rose after the election. The Paper was also well served by sticking with and even enhancing all manner of deeply reported pieces and storytelling. While the Times and other big papers and cable TV news networks have thrived, regional newspapers and some digital players continue to struggle.) The Times benefited by tapping into its readers’ anger and angst, and by extensive and investigative reporting on Trump once he was elected. (It hasn’t been a bull market for all news orgs, though. As Silicon Valley billionaire Peter Thiel told me not long ago, “we are living in a bull market for news”-and it has been created almost entirely by Donald Trump. If anyone needs a graphic visual of what the “Trump bump” did to the news business, look no further than a two-and-quarter-year NYT stock chart. Still the Times’s stock didn’t begin its climb from the very lowest of double digits to triple that, until-you guessed it-November of 2016. REUTERS/Carlos Barria ‘A bull market for news’ (R) watches as his father Donald Trump (L) is sworn in as the 45th president of the United States standing with first lady Melania Trump (C) during inauguration ceremonies at the U.S. (yes him), CEO Mark Thompson, and others to figure things out, like how to integrate the digital and print newsrooms, sell extraneous properties like the Boston Globe, implement aggressive sales strategies and marketing campaigns and most importantly create a digital business model highlighted by a new, metered paywall-established in 2011-that slowly but surely worked.ĭonald Trump Jr. It took time for then-publisher Arthur Sulzberger Jr. The company’s stock mostly traded below $10 well into 2013. The turnaround at the Times didn’t happen overnight and mistakes were made along the way. (Warren Buffett has been known to do this.) It’s also worth noting that Slim’s sugar daddy investment preceded similar moves by Jeff Bezos (the Washington Post), Laurene Powell Jobs (the Atlantic), and Marc Benioff (Time Magazine) by many years. They see things others don’t and they make big bets and, yes, often extract onerous terms, because when they are making their offers, no one else is. When everyone thinks they are making a huge mistake. They buy when everyone else is running for the exits. Billionaires like Slim buy lowīefore we tell the tale of the Times’s reversal of fortune, a quick note about Carlos Slim-with a reported net worth of some $60 billion, one of the richest human beings on the planet-and other successful investors. ![]() The Atlantic piece looked prescient and Slim’s investment of some $327 million appeared to be lost money. In February 2009, New York Times stock dropped to a low of $3 and change. The notes also carry a 14 percent interest rate, with 11 percent paid in cash and 3 percent in additional bonds,” the Times dutifully reported on itself. In January he loaned the company $250 million “in the form of six-year notes with warrants that are convertible into common shares, the company said in a statement. But as talk of bankruptcy amplified, Slim stepped up again. ![]() Immediately after Slim’s purchase, the situation became much worse, both for the global economy and as noted for the Times. financial system was melting down), Slim bought a 6.4% stake in The New York Times Company, or 9.1 million shares, worth some $127 million. The previous September, (that is September 2008, when the U.S. Photographer: Michael Nagle/Bloomberg via Getty Imagesīut a funny thing happened on the way to bankruptcy court.Īn unlikely savior emerged you may recall, in the form of Mexican billionaire Carlos Slim Helu. Arthur Sulzberger Jr., chairman of The New York Times Co., speaks during the New York Times DealBook conference in New York, U.S., on Thursday, Nov.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |