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Times To Mortgage Its House
| posts about #arthusochssulzberger more → |
Times To Mortgage Its House |
12/08/08
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That company has an extremely difficult assignment, and is still trying to keep itself relatively -- not completely, but relatively -- free of mega-media control. Unlike, notably, the WSJ.
So I suggest that the fact that the NYT sometimes has a hard time borrowing might be a positive or perhaps neutral sign, instead of an indicator of hopeless mismanagement. I'll bet Rupert has access to all the credit he needs, for instance.
12/08/08
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12/08/08
I'm made uncomfortable by the suggestion that the NYT's lending troubles are evidence of obvious mismanagement at the company. That's almost like saying a journalistic enterprise should be run with one eye constantly trained on the company's debt rating. To me that sounds like a recipe for mediocrity -- even if it's profitable mediocrity.
Of course you can't go too far in the other direction and blow off your creditors entirely. But in the current borderline-hysterical economic environment, I propose that credit quality has almost nothing to do with business fundamentals -- so evidence of a company's borrowing troubles actually demonstrates very little. And to suggest otherwise is to overlook the biggest story in the world during the last two months.
12/08/08
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