And You Thought Radio Was In Bad Shape…

Tuesday, December, 30, 2008 by Mel Phillips.

Radio is far from being the only media industry bleeding, take newspapers for one.  The New York Times would like someone to take them, lock, stock and headline - or at least their 17.5% interest in the Boston Red Sox.  The Times has already spun off its broadcast television stations and WQEW-AM in 2007 before Harbinger Capital Partners bought a chunk of the newspaper.  Now facing a 60% drop in their stock price this year and $400 million debt repayment, the old grey lady is pursuing asset sales almost a year after its biggest investor demanded changes to the business…

The Red Sox stake is worth as much as $166.3 million, according to Barclays Capital and the Times says a sale-leaseback of its headquarters building would raise $225 million.  They should sell shares of the building to all those people who have scaled it using those venetian-blind type slats which make for great footing.  ‘Buy shares in the building and climb away’ would make a great sales pitch…

The New York Times, the third-largest U.S. Newspaper publisher has already slashed its dividend by almost three-fourths last month as it confronts declining revenue and repayment on its $400 million credit line in May.  November advertising sales plunged 21% to $149.9 million.  Asset sales, like the Red Sox, could be used to pay down their long-term debt of $672.5 million at the end of the third quarter.  Any takers?  C’mon, the Sox are the only team this century to win two consecutive world series.  They are perennial contenders every season.  You too can get a 17.5% interest in Red Sox Nation ownership.  Barclays Capital figures the Sox stake is worth $166.3 - let’s see, that’s 166.3 million people contributing one dollar each.  Any takers??? 

10 Timeline Memories:

1. 1940] Freeway of love: California opens its first freeway, the Arroyo Seco Parkway…
2. 1948] Kiss me I’m Kate: The Cole Porter musical, “Kiss Me Kate” opens at the New Century Theatre on Broadway and becomes the first show to win the Best Musical Tony Award.  This clip is from the movie…
3. 1953] Color TV arrives: The first color (RCA) TV sets go on sale for $1,175. How many would you like???  This model is from 1956… 
4. 1954] Beat the clock: The 24-second clock is used for the first time in the NBA in the Celtics-Rochester game…
5. 1972] Bombing halt: The U.S. halts its heavy bombing of North Vietnam…
6. 1978] Canned Buckeye: Ohio State University fires Woody Hayes as its football coach, one day after Hayes punched a Clemson player during a bowl game…
7. 1993] How do you do: Israel and the Vatican agree to recognize one another…
8. 1999] Beatle power: Former Beatle George Harrison fights off a knife-wielding intruder who breaks into his mansion west of London and stabs him in the chest…
9. 2003] Banned in the U.S.A.: The federal government announces a ban on ephedra, linked to 155 deaths and dozens of heart attacks and strokes…
10. 2006] Hung to dry: Saddam Hussein is executed by hanging…

Music Memories:

• 1967] Number One on this date: “Hello Goodbye” - Beatles…

“Happy Birthday…happy birthday“:

Allyson Mireya Phillips (3), LeBron James (24), Tiger Woods (33), Heidi Fleiss (43), Sean Hannity (47), Tracey Ullman (49), Matt Lauer (51), Meredith Vieira (55), Patti Smith (62), Davy Jones (63), Michael Nesmith (66), Paul Stookey (71) and Sandy Koufax (73)…

Timeline Countdown: One night until New Year’s Eve, 4 days until the NFL Wild Card Playoffs and 33 days until the Super Bowl…

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