The New York Times

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The New York Times (colloq. Jew York Times) is a Jewish-owned daily newspaper published in New York City and distributed internationally. It is owned by The New York Times Company, which publishes 15 other newspapers, including the International Herald Tribune and The Boston Globe. It is the largest metropolitan newspaper in the United States. Nicknamed the "Gray Lady" for its staid appearance and style, it is often regarded as a national newspaper of record, meaning that it is frequently relied upon as the authoritative reference for modern events. Founded in 1851, the newspaper has won 98 Pulitzer Prizes,[1] more than any other newspaper.[2] The newspaper's title, like other similarly-named publications, is often abbreviated to the Times. Its motto, always printed in the upper left-hand corner of the front page, is: "All the news that's fit to print."

The publisher is Arthur Ochs Sulzberger Jr., part of the Jewish family that has controlled the paper since 1896. Sulzberger is widely seen as being under increasing pressure lately as dissident investors have pressed the company for board representation as the company's circulation figures have plummeted amidst an industry-wide circulation downturn and a migration of readers and advertisers to the internet.

Contents

History

The New York Times was founded on September 18, 1851 by journalist and politician Henry Jarvis Raymond and former banker George Jones as the New-York Daily Times. The paper changed to The New York Times in 1857. The newspaper was originally published every day but Sunday, but during the Civil War the Times along with other major dailies started publishing Sunday issues.

The paper's growing influence was seen when, in 1870 and 1871, a series of Times exposés targeting Boss Tweed ended the Tweed Ring's domination of New York's city hall.[3]

In the 1880s, the Times transitioned from supporting Republican candidates to becoming politically independent; in 1884, the paper supported Democrat Grover Cleveland in his first presidential election. While this move hurt the Times's readership, the paper regained most of its lost ground within a few years.

The Times was acquired by Adolph Ochs, publisher of The Chattanooga Times, in 1896. In 1897, he coined the paper's slogan, "All The News That's Fit To Print," interpreted as a jab at competing papers in New York City (the New York World and the New York Journal American) known for lurid yellow journalism. Under his guidance, The New York Times achieved international scope, circulation, and reputation.

The paper moved its headquarters to 42nd Street in 1904, giving its name to Times Square. It was here that the New Year's Eve tradition of lowering a lighted ball from the Times building was started by the paper. After nine years in Times Square, the paper relocated to 229 West 43rd Street. It remained there until spring 2007, and is now three blocks south at 620 Eighth Avenue. The original Times Square building, known as One Times Square, was sold in 1961.

During the next two decades, the Times used new technology to obtain news and deliver it to readers. In 1904, the Times received the first on-the-spot wireless transmission from a naval battle, a report of the destruction of the Russian fleet at the Battle of Port Arthur in the Yellow Sea from the press-boat Haimun during the Russo-Japanese war. In 1910, the first air delivery of the Times to Philadelphia began. The Times' first trans-Atlantic delivery to London occurred in 1919. Finally, in 1920, a "4 A.M. Airplane Edition" was sent by plane to Chicago so it could be in the hands of Republican convention delegates by evening.

In the 1940s, the paper extended its breadth and reach. The crossword began appearing regularly in 1942, and the fashion section in 1946. The Times began an international edition in 1946. The international edition stopped publishing in 1967, when it joined the owners of the New York Herald Tribune and The Washington Post to publish the International Herald Tribune in Paris. The paper bought a classical radio station (WQXR) in 1946.

Since the mid 20th century, it has also been promoting demographic genocide of the USA, however anti-immigration policies for Israel.[4]

Ownership

The Jewish Ochs-Sulzberger family, one of the United States' newspaper dynasties, has owned The Times since 1896. After the publisher went public in the 1960s, the family continued to exert control through its ownership of the vast majority of Class B voting shares. Class A shareholders cannot vote on many important matters relating to the company, while Class B shareholders can vote on all matters. Dual-class structures caught on in the mid-20th century as families such as the Grahams of the Washington Post Company sought to gain access to public capital without losing control. Dow Jones & Co., publisher of The Wall Street Journal, had a similar structure and was controlled by the Bancroft family; the company was later bought by the News Corporation in 2007.[5]

Major Class A shareholders, as of December 31, 2006, included the Sulzberger family (19 percent), T. Rowe Price Associates, Inc. (14.99 percent), Private Capital Management Inc. (9.34 percent), MFS Investment Management (8.28 percent) and Morgan Stanley Investment Management Inc. (7.15 percent). The Ochs-Sulzberger family trust controls roughly 88 percent of the company's class B shares. Any alteration to the dual-class structure must be ratified by six of eight directors who sit on the board of the Ochs-Sulzberger family trust. The Trust board members are Daniel H. Cohen, James M. Cohen, Lynn G. Dolnick, Susan W. Dryfoos, Michael Golden, Eric M. A. Lax, Arthur O. Sulzberger, Jr. and Cathy J. Sulzberger.[6]

Recent financial challenges

To date, the company's dual-class ownership structure has deterred outside investors from pushing for change in Ochs-Sulzberger control. As of 2008, however, two hedge funds, Harbinger Capital and Firebrand Partners, bought 19 percent of The Times.[7] On September 10, 2008, it was reported that Carlos Slim, one of the world's wealthiest men, had acquired a 6.4 percent stake for $120 million. These moves were seen as putting increasing pressure on the company whose advertising and circulation have faltered recently. The downturn in print advertising sales has recently spread to the Internet, and some observers speculate that the recent acquisitions of Times Company stock might put increasing pressure on the family to sell or take the company private to escape Wall Street's attention.[7] The newspaper is currently over one billion dollars in debt.[8]

On December 8, 2008, the Times Co. said it plans to borrow up to $225 million against its new building, in which it has a 58 per cent stake. The company has retained Cushman & Wakefield, the real estate firm, to act as its agent to secure financing, either in the form of a mortgage or a sale-leaseback arrangement, said James Follo, the Times Company's chief financial officer. The developer Forest City Ratner owns the rest of the building.[9]

On January 19, 2009, the Times Co. announced that it had accepted a $250 million loan from Slim.[10] Slim will receive a 14 percent interest rate and warrants that are convertible into Times Company shares on the loan. He has lost tens of millions on his original equity investment. Under the new financial arrangement, the equity stake could grow to 17 percent, though he will receive no representation on the company’s board and no shares with special voting rights. Bankers representing The Times approached Mr. Slim with the investment opportunity, Slim advisers say. Those bankers, at the firm SunTrust Robinson Humphrey, had first approached The Times with the idea of a deal with Mr. Slim, said a Times spokeswoman, Catherine Mathis.[11] The loan will help ease the company's immediate cash flow problems, which have been reported to include a $400 million credit-line maturity in May.[10] The company's continuing financial problems and Slim's ongoing interest, as evidenced by his two interventions in the course of five months, has led to speculation that he might be contemplating an outright takeover of the Times Company.[12]

On January 28, 2009, as the Times Co. reported its earnings plunged 48 percent in the fourth quarter because of lower advertising revenue in a weak economy, it also said it "had retained investment firm Goldman Sachs to help explore a sale of its stake in the company that owns the Boston Red Sox. Investors have been pressuring the company to sell assets .... The company holds a 17.8 percent stake in New England Sports Ventures, which owns the Boston baseball team as well as Fenway Park, a portion of a cable sports network and other properties. The Times reported in December that its parent company was exploring a sale." [13]

On January 28, 2009, The New York Times itself ran an op-ed piece by David Swensen, the author of Pioneering Portfolio Management and chief investment officer at Yale, and Michael Schmidt, a financial analyst at Yale, entitled "News You Can Endow." The column took note of the challenging financial circumstances of the nation's newspapers, and proposed "another option: Turn them into nonprofit, endowed institutions — like colleges and universities." In the face of the impact of digital, Internet distribution of news, the change would "free [newspapers] from the strictures of an obsolete business model and offer them a permanent place in society." [14] Steve Coll of The New Yorker and, previously, the Washington Post, responded to the idea [15], as did the Post's Howard Kurtz [16] and, in opposition, Slate's Jack Shafer.[17]

External link

Part of this article consists of modified text from Wikipedia, and the article is therefore licensed under GFDL.

References

  1. New York Times Company : Company : Awards : Pulitzer Prizes : NYTimes Media Group
  2. Pulitzer Prize on topics.nytimes.com
  3. The New York Times Company: New York Times Timeline 1851-1880
  4. http://www.dailystormer.com/jew-york-times-says-its-ugly-for-americans-not-to-accept-illegal-alien-invasion/
  5. Murdoch clinches deal for publisher of Journal. MSNBC. Retrieved on 2008-09-18.
  6. "How a Money Manager Battled New York Times". The Wall Street Journal. 2007-03-21. http://online.wsj.com/public/article/SB117441975619343135-nb3xaCqDA7AjGYGGjWb0pkAVzt8_20080320.html?mod=blogs. Retrieved 2008-09-16. 
  7. 7.0 7.1 Stephen Foley (2008-09-12). Battle for the New York Times. The Independent. Archived from the original on 2008-09-19. Retrieved on 2008-09-16.
  8. "New York Times sees charge for unit closing". Reuters. 2008-12-02. http://www.reuters.com/article/industryNews/idUSTRE4B18XE20081202. Retrieved 2008-12-02. 
  9. "Times Co. to borrow against building" by Richard Pérez-Peña, The Internation Herald Tribune, Dec. 8, 2008. Retrieved 2-7-09.
  10. 10.0 10.1 Eric Dash, "Mexican Billionaire Invests in Times Company," New York Times, January 19, 2009.
  11. "Carlos Slim Helú: The Reticent Media Baron" by Marc Lacey, with reporting contributed by Elizabeth Malkin and Antonio Betancourt, The New York Times, Feb. 16, 2009, p. B1 NY edition. Retrieved 2-16-09.
  12. Paul Gillin, "Will Slim Bid for Times Co.?," Newspaper Death Watch, January 21, 2009.
  13. "New York Times retains Goldman for Red Sox sale" Boston Globe, 1-28-09. Retrieved 2-7-09.
  14. "News you can endow" Op-ed by David Swenson and Michael Schmidt, 1/28/09 p A31 NY edition. Retrieved 2-7-09.
  15. "Nonprofit newspapers" by Steve Coll, Think Tank blog, The New Yorker, 1-28-09. Retrieved 2-7-09.
  16. "What's it worth to ya?" by Howard Kurtz, The Washington Post, 2-6-09. Retrieved 2-7-09.
  17. "Alms for the Press? The case against foundation ownership of the New York Times" by Jack Shafer, Slate, 2-3-09. Retrieved 2-7-09.
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