10.24.08

The New York Times Endorses Obama

Posted in Big Media, Election of 2008, New Economy, stupidity at 21:02 by Toby Petzold

at the same time it’s going into the toilet:

NEW YORK, Oct 23 (Reuters) – Moody’s Investors Service said on Thursday it may cut its ratings on New York Times Co[.] into junk territory, citing concerns about continuing revenue declines and risks associated with refinancing its debt.

The New York Times posted a quarterly loss from continuing operations on Thursday and said advertising revenue at its news media group dropped 16 percent for the quarter. [...]

Newspaper advertising market conditions are likely to remain challenging in 2009 and continuing revenue declines will make it difficult for the company to bring its credit metrics in line with its investment grade rating, Moody’s said in a statement.

Yeah, but come on! The Grey Lady? She’s too big to fail.

But, what a glorious day that would be.

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