Was the New York Times considering selling its Broadcast Division?
At the end of the day, I like to check on the stock activity to see how much more my NYT stock has tanked. These days it's like hitting my thumb with a hammer. However I was surprised today in that the stock prices finished UP $1.11. Great news. Perhaps it's a trend. I hope so but I'll reserve judgment at this point.
My point in mentioning this is that on the Smith Barney page there was a news item from the Dow Jones Wire Service on NYT. It quoted the Chief Financial Officer Leonard Forman who spoke before a newspaper group. He said that NYT is NOT considering selling its broadcast assets. This leads me to think that perhaps there was speculation that such a move was being considered althought I can't imagine why. Forman said the Broadcast group provides a solid cash flow and is important to earnings before taxes and interest.
Part of the boost may be attributed to a focus on repositioning for growth by the newspaper and attempts to reinvent itself in the world of information. RSS technology is expected to come into serious play at the newspaper which wants to push itself more on the IT landscape.
So, it looks like the broadcast division is safe for now and I hope that's good news for NYT stock prices.
Come on stock, baby needs a new pair of shoes!
My point in mentioning this is that on the Smith Barney page there was a news item from the Dow Jones Wire Service on NYT. It quoted the Chief Financial Officer Leonard Forman who spoke before a newspaper group. He said that NYT is NOT considering selling its broadcast assets. This leads me to think that perhaps there was speculation that such a move was being considered althought I can't imagine why. Forman said the Broadcast group provides a solid cash flow and is important to earnings before taxes and interest.
Part of the boost may be attributed to a focus on repositioning for growth by the newspaper and attempts to reinvent itself in the world of information. RSS technology is expected to come into serious play at the newspaper which wants to push itself more on the IT landscape.
So, it looks like the broadcast division is safe for now and I hope that's good news for NYT stock prices.
Come on stock, baby needs a new pair of shoes!
posted by Joe Larkins at 4:31 PM
9 Comments:
It dropped just after you posted, so you have an influence on corporate america, Joe!
We talked about this a while back. Knight-Ridder meltdown is impacting NYT more than the stock's performance.
The stock has a solid dividend, and purchasing about.com was an extremely smart move. The weakness is the newspaper portion of the company is a weight on the stock.
If the times does anything, it would add electronic media. I could see selling tv-electronic media only if it is adding complementary regional electronic media in the same area as the print media.
There is a story (recently) that the FCC is reviewing ownership of broadcast holdings.
It is possible that changes in FCC regulations might alter business plans for NYT. I just can't imagine NYT selling their profit milking cow of broadcasting stations and keeping the sluggish Newspapers!
Today in the field, Daralene Jones of WREG stuck her microphone flag smack in the middle of an interview WMC was shooting. When the WMC reporter asked her to move it (because they were in the middle of an interview), Jones replied, "Why? We're number one."
Number one at what?
No. 1 at 10 p.m. newscast?
No. 1 during early morning news?
No. 1 reporter who's ego has gone out of control?
No. 1 reporter who no photographer at her station wants to work with her?
No. 1 reporter who drives her own personal vehicle to a live shot, throws a hissy fit attitude while handing the mic to the reporter who was following her and doing a live shot at the same location, and then wrecks her car by backing into a tree on the downtown mall?
Gee guys! We're getting a little salty here aren't we? (Poor Darlene). I thought TV news and live shots were shared by everyone who was there and wanted an interview? Why I can remember one Christmas where 14 media people all sat down in one location and ate dinner.The big kicker was NONE OF THEM LIKED EACH OTHER! Ahhh the good old days. Gee I thought this was Joe's blog, not Thad's.
........JD
You guys are waaaay to hard on Daralene. Although she started at WREG on rocky grounds, she is becoming a real team player. I am sure that most of the people that read this blog are older so please remember that she is young and still has some growing up to do. Besides, I hear that that new ND on the river is one of the best people in the market to help to groom someone.
My question is though, who was the WMC reporter and how far was this stretched from the truth.
This feels just like the good old days of Peggyphillip.blogspot.com
Gee, I wonder if Peggy started all this. What do you think Joe?
Guys lets not run Joe off and keep this thing civil.
P.S. Hey station down on the river... You guys need a good assignment editor? I need a job. I am getting tired of this place!
So Joe, what the heck happened to that sleepy little town on the river since I got chased out of town in 1998? When I was reporting, I got along with guys from the other stations just fine.
In fact, the only reporter who usually didn't talk to me in Memphis is in Atlanta now, still not talking to me (hmm, that may say more about me that Memphis, though).
Anyway, why were you holding on to that stock anyway? It hasn't been any good since the last time it split, and I think that happened when I was still there. Buy it at a discount at the end of the year, sell for a quick profit as soon as they give you the stock certificate. My careful approach to money is why I'm still living paycheck to paycheck. Wait... that's not right...
Dough,
I can't figure out why, in Rodney King's words, "Can't we all just get along".
Thgat's actually going to be the subject of my next post but you beat me to it.
As for the financial part, who would have thought that the Gray Old Lady would have cost me a fist full of green. That will teach me to hold on to stock from a former employer.
As always, good hearing from you.
Regards,
Joe
"Guess who! said...
You guys are waaaay to hard on Daralene. Although she started at WREG on rocky grounds, she is becoming a real team player. I am sure that most of the people that read this blog are older so please remember that she is young and still has some growing up to do. Besides, I hear that that new ND on the river is one of the best people in the market to help to groom someone."
Do not assume anything that you don't have firsthand knowledge of. You give Daralene too much credit. Believe me, she is outta control. I work there, I have worked with her.
Sounds like Daralene is doing something right...she is the talk of this blog. I work at one of the other tv shops in town and I've never had any problems with her in the field. In fact, she's constantly cracking jokes and I'm sure IF she made the comment about Channel 3 being "number one" ...it was said as a joke. Sounds like the folks over at Channel 5 are getting a little too sensitive and some of you have a little maturing to do, not Darlene. Yes, she's young and I'm sure working in Memphis will mature her and help her grow as a person and reporter. Give it a rest and find someone else to pick on.
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