Oh, is that what you guys think it is?!! Ha-ha-ha!
Yeah, denial is a great state to be in, isn't it, MSM?
"Times Co. building deal raises $225m" by New York Times | March 10, 2009NEW YORK - The New York Times Co. said yesterday it had raised $225 million through a sale-leaseback of part of its headquarters building, one in a series of moves to pay down its debts and increase its cash cushion during a drastic slump for the newspaper industry.
Yeah, the LYING AGENDA-PUSHING and WAR-PROMOTION hasn't helped!!!!
Maybe Viagra would help your "slump," 'eh, NYT?
In the last few months, the company borrowed $250 million from the telecommunications billionaire Carlos Slim Helu, suspended its dividend for the first time in four decades as a publicly traded company, and began a search for a buyer for its minority stake in the Boston Red Sox and related assets.
Good luck selling a s*** sports team right now. Ha-ha-ha!
At the end of 2008, the Times Co., parent company of The Boston Globe, had more than $1 billion in debt, but that figure has since been reduced using the loan from Slim. It still faces a principal payment on long-term borrowing of $49.5 million due in November and a payment of $250 million due in March 2010.
You'd think they would be a bit tougher on the banks then, but.... just shows you who the papers REALLY WORK FOR!
The company spent more than $600 million on its building, on Eighth Avenue in mid-Manhattan, which was completed in 2007. The Times Co. owns 58 percent, and its development partner, Forest City Ratner Cos., owns the rest.
The agreement with W.P. Carey & Co., an investment firm, could last as long as 15 years, but it gives the Times Co. the option of buying the building back after 10 years for $250 million. Both firms characterized the deal more as a loan secured by the building, than a real estate deal.
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All I can say is KEEP DIGGING, Times!!
:-)
