Everyone said the Bancrofts selling to Rupert was a pipe dream too...
Now that Rupert Murdoch owns The Wall Street Journal and Sam Zell controls the Los Angeles Times (and a number of other broadsheets), one can’t help but consider the fate of another struggling daily you may have heard of: The New York Times. When we last checked in with Times chairman Arthur Sulzberger Jr. (#93 on Vanity Fair’s New Establishment list), we noted that things weren’t going so swell for the paper of record. “The future of the family business looks increasingly difficult,” we wrote in our October issue. “Revenues continue to slide, the company’s shares have plummeted more than 50 percent in the past five years, and investors are bellowing.”
Well, things haven’t gotten any better. The stock has only fallen further—it’s now down 70 percent in the last five years—and there’s little reason to think that Web sites such as Craigslist won’t continue to steal its classified ad business.
But could help be on the way? This idea is little more than a pipe dream, but you can’t help but be intrigued by the guy’s argument.