A $14.2 million first quarter loss for The New York Times proves once again that the left-wing outlet is still swimming in the stink of its own making. Now there are rumors Bloomberg might be making a purchase deal the Times can’t refuse.
Partial transcript from the Fox Business Channel Friday:
CHARLES GASPARINO: I should just point that my sources are media banks. They’re saying that there’s lots of talk in that field that Bloomberg, who owns a big media company, has expressed interest in buying The New York Times. We should point out that Bloomberg declined to comment on this. … The price tag? The numbers that float around on Wall Street — something like 5 billion dollars; two and a half times earnings or whatever. That’s kind of on the high end, but 5 billion dollars is the number, I hear.
ANCHOR: Let me bring in Howard [Kurtz]. Mr. Bloomberg has deep pockets, would this be a good deal for him?
HOWARD KURTZ: Yeah. It’s not about the money. He would love to own The New York Times, but I’ve never seen any sign that the family is willing to sell it. Now, if somehow Bloomberg did get a hold of this, the former-Mayor would have a huge impact. He’s got strong views on gun control.
ANCHOR: But if you throw 5 billion dollars in there, the family members say wait a minute we just can’t turn this down; right?
Much of the Times’s Q1 loss came from a huge pension buyout to former employees. The Times is a pro-union extremist, and yet getting financially murdered by its own policy. On its editorial and news pages, the Times is a uge defender and champion of Barack Obama’s failed economic policies. This, despite the fact, those policies have crippled the American economy, and by extension the Times’ advertising revenue, which collapsed a whopping 11%.
Digital advertising was up 11%, but that in no way makes up for the loss on the print side.
Despite the Times’ own woes, including layoffs, the Times has yet to show the moral courage to demand a return to the policies Ronald Reagan instituted that exploded economic growth after a devastating recession.
Follow John Nolte on Twitter @NolteNC