Tuesday, March 10, 2009

The NY Times. Arrogant and bullyish, but not invincible.

It's not kind to feel joy at the suffering of others. But sometimes, just sometimes, it's ok to smirk a little at the misfortune of others, no?? Especially if they're bullies?

It turns out that the NY Times, who just recently took stabs at the LA Times in a public ad campaign (as reported by LA Observed), is not doing so hot themselves.

From this morning's WWD Memo Pad (yes, a fashion trade is my morning news source--what of it?)...

TIMES RAISES FUNDS: The New York Times Co. has entered into a sale-leaseback transaction with W.P. Carey & Co. LLC for $225 million for part of the space the Times Co. owns in its headquarters building on Eighth Avenue, including 21 floors, or 750,000 rentable square feet. The money will be used to pay long-term debt and a portion will be used to fund a redemption payment of its 4.5 percent notes due in 2010. The company also recently borrowed $250 million from Mexican billionaire Carlos Slim HelĂș and is trying to sell its stake in the Boston Red Sox. The lease term is 15 years, with an option for the company to repurchase the condominium interest for $250 million during the 10th year of the lease. The rental payment will be $24 million, or $32 a square foot, for the first year and increase in the coming years. — A.W.

Oh, how the mighty have fallen. Stand proud, LA Times. We are not alone!

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