Donald Trump wants The New York Times
Can the billionaire buy his way into ownership of the respected newspaper company?
Shares of the company, which also owns the Boston Globe, were barely budging on the news, indicating that Wall Street isn't holding its breath for a deal to happen. A spokesperson for the Times couldn't immediately be reached.
It's unclear exactly how much progress, if any, Trump has made in buying the newspaper company. New York magazine, which broke the story, says "Trump has engaged in more than one meeting to discuss how he might buy the Grey Lady." If Trump does make a credible offer for the paper, the company's board of directors would have a fiduciary duty to consider it.
Trump has had a contentious relationship with the company's flagship newspaper for years. In 2011, he lost a libel case against Tim O'Brien, a former reporter and editor for the paper, who argued in a book that the 56-year-old wasn't really a billionaire. O'Brien, now with The Huffington Post, couldn't immediately be reached. Many at the paper, including columnist Gail Collins, have mocked Trump's claims that President Obama may not have been born in the United States.
If Trump is successful -- and that's a big if -- he would have a tough time convincing employees and advertisers that he wouldn't use the paper to promote his own political agenda. In fact, some newspapers around the country have been snapped up by wealthy business owners with their own motives. Real-estate developer Doug Manchester, for example, bought the San Diego Union-Tribune in 2011 and turned the paper into what Media Matters for America calls "a corporate shill."
Trump's interest comes at a tough moment for The New York Times, which has recently offered buyouts to newsroom staff to cut costs as it struggles to reinvent itself in the digital age. The deadline for accepting these offers is Thursday, according to the paper. Wall Street isn't expecting the struggles to end anytime soon. Revenue in the December quarter is expected to fall 11%, according to analysts' estimates. Profit is expected to be 31 cents, down from 45 cents a year earlier.
Wall Street sees better times ahead for the venerable publisher, whose digital strategy has gained traction. The average 52-week price target on the stock is $9.58. about 10% higher than where it currently trades. Shares of the publisher have surged more than 13% over the past year.
--Jonathan Berr does not own shares of the listed stocks. Follow him on Twitter @jdberr
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Another idiot who flunked geography class.
Trump's performance in Scotland while building his great golf course showed just what a low-life he really is....so smart and so rich, but what a shame to America.
My apology to Scotland for Trump's performance, I'm sure he never bothered to apologize or ever will.
One good thing about Mr. Trump...He's all for bringing our troops home from all over the world. And when you think of it, why are we still in Europe, Japan, Korea, etc., etc.? It's really quite insane.
Not only that, we can't even take care of our own people. Why are we doling out hundreds of billions to other countries???
And as for our Offense Department in Washington, why are we building these huge, multi-billion dollar aircraft carriers and bombers? We don't need the things anymore. We need more drones for surgical strikes against terrorists...our main enemy today.
I get so fed up at times I wanna puke. Have at least 10 percent of my assets in gold and silver when hyper inflation kicks in. Don't trust the gov't as far as I can j*** off.
"If Trump is successful -- and that's a big if -- he would have a tough time convincing employees and advertisers that he wouldn't use the paper to promote his own political agenda."
Sure, but when a liberal controls media, then it MUST be serious journalism... Revenue and profits are down because news consumers know this is already true.
Amazing that Trump manages to get through life without a single clue of how people see him. The women he screws and the people to bow to him do it only for his money, not his integrity or (lack of) class. I say we ship him off on the first manned mission to Mars and be done with him.
If he does I will cancel my subscription. I don't wan to even waste my time reading this article.
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[BRIEFING.COM] Equity indices closed out the month of August on a modestly higher note. The Russell 2000 (+0.6%) and Nasdaq Composite (+0.5%) finished ahead of the S&P 500 (+0.3%), which extended its August gain to 3.8%. Blue chips lagged with the Dow Jones Industrial Average (+0.1%) spending the bulk of the session in the red.
The final week of August represented one of the quietest stretches for the stock market so far this year. The first four sessions of the week produced the ... More
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