Times Says Times Will Survive

By Kevin Spak,  Newser Staff
Posted Feb 9, 2009 2:21 PM CST
In this July 22, 2008 file photo, traffic passes in front of The New York Times building in New York.    (AP Photo/Mark Lennihan, file)
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(Newser) – Rumors of the New York Times’ demise are greatly exaggerated, reports... the New York Times. “Despite some published alarms to the contrary, the company has positioned itself to ride out another year of recession, maybe two,” Richard Péréz-Peña writes in a review of his employer’s finances. The Times hopes to "fill the void" left as other papers fold or cut back, a so-called last-man-standing strategy.

Analysts say the Times might have been able to survive without the $250 million loan it got “on punishing terms” from Mexican billionaire Carlos Slim, writes Péréz-Peña. But by taking the loan, “I think they’ve put the New York Times out of danger,” said one analyst. That’s following a string of decisions that put it in danger in the first place—like buying back its own stock between 1998 and 2004, when it was historically pricey.