New York Times Could Go Private
New York Times Co. has lost $300 million since 2005 despite cuts and sales of regional assets.
New York Times Co. (NYT), after losing $7 billion in market value since 1999 amid plummeting industry advertising sales, is better positioned than ever to go private as Mark Thompson takes the reins.
Thompson, who slashed more than $1.6 billion in expenses as director general of the private, nonprofit British Broadcasting Corp., was named chief executive officer this week of the publisher controlled by the Ochs-Sulzberger family. Times Co. would have about $840 million in cash (NYT) and short-term investments—equal to 61 percent of its $1.37 billion market value—if it succeeds in selling how-to website About.com. That would be more cash versus its market value than any U.S. publisher worth $200 million or more, according to data compiled by Bloomberg.