NYTCo’s Robinson Takes A Swipe At Media Critics, Rejects Sale Rumors
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New York Times Company (NYSE: NYT) President and CEO Janet Robinson is fed up with all the rumors and negative reports surrounding the publisher’s financial condition. She summoned MarketWatch’s Jon Friedman to a lunch meeting to discuss his critique of NYTCo management.
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She said she was weary of the constant speculation over a possible sale of the paper by the Sulzberger family to Mexican billionaire and NYTCo stockholder Carlos Slim, David Geffen or any other high-profile name who happens to emerge as a prospective buyer. As for the company’s financial condition, Robinson didn’t have much of a defense. The NYTCo’s stock is closer to its 52-week low of $3.44 than it is to a one-year high of $16.75, though it was up slightly on Wednesday morning to $5.10. Robinson merely said that observers should look beyond the share price, adding: what media company isn’t hurting now?
It’s natural that Robinson would rather media critics focus on the settle disputes with the newspaper unions. And without financial wherewithal, the publisher can’t continue producing great journalism.
Robinson didn’t offer any new thoughts about plans to charge for web content, but she did say she expects the online side, which last year brought in $352 million in revenues ( a 12 percent share of total company revs), to eclipse the print side. While Martin Nisenholtz, SVP for digital operations, said this week that “mobile offers a better opportunity for paid content,” Robinson would only say that there is “an opportunity” to explore paid content. “We could charge [on the web] but we’re not there yet.”
Posted In: Media & Publishing, Newspapers, Companies, New York Times
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