Cash-Strapped New York Times Wants to Borrow Against Its HQ: Anyone Want to Lend It $225 Million? | Peter Kafka | MediaMemo | AllThingsD: "The New York Times is running low on cash but has a $400 million debt payment due next spring. How to foot the bill? Raise money anywhere it can.
Last month, the Times cut its dividend, a move that could save it up to $100 million a year. Now the paper is looking to borrow against its new Manhattan headquarters. It has hired a real estate firm to raise up to $225 million using the value of the building as collateral. The company is looking at either a sale-leaseback or a mortgage, reports…the New York Times (NYT)."
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And the Tribune Company, publisher of the Chicago Tribune and Los Angeles Times, is consulting with bankruptcy lawyers. That's the major paper from the three major cities of this nation.
Maybe they should ask Obama for a bailout. They certainly put in their time working on his campaign.
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