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NY Times Wants a Bailout

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Floundering New York Timesby J.D. Heyes,

There’s a word used by many people living in the Northeast to describe the unmitigated gall surrounding a plea from editors and executives at The New York Times: Chutzpah.

As noted by John Nolte at Breitbart News, it seems that coronavirus-related business slowdowns and changes in online advertiser algorithms (and maybe a healthy dose of karma) are putting a serious dent in the Times’ revenue.

As such, the paper has begun laying off staff and cutting salaries — while daring to demand a taxpayer-funded bailout that would have to be signed by a president the paper has been trying to help depose since he took office.

First, a little background.

On Monday, it was reported that the Tampa Bay Times would be cutting print coverage effectively immediately due a dramatic fall-off in revenues to just two days per week, Sunday and Wednesday.

“The company reported a surge in traffic to its website … and growth in digital subscriptions over the last few weeks” but “the pandemic sent advertising sales into a plunge. In just the last two weeks, [advertising] cancellations have cost us more than $1 million, and there is no sign of quick recovery on the horizon. We must act now,” the paper noted.

Coronavirus-related slowdowns are also occurring elsewhere in the media industry. Gannett, one of the country’s largest newspaper conglomerates, which publishes titles like USA Today, the Des Moines Register, and the Arizona Republic, also announced it would be cutting staff as well.

According to a memo from Gannett CEO Paul Bascobert, the company is asking employees to make a “collective sacrifice…as soon as this week.”

More …

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