The New York Times is going bust? Well not quite yet. Fortunately they're only in dire economic straights, which is this economy is much better off than many of the large firms. The article in the International Herald Tribune http://tinyurl.com/5gqopn is quite alarming. For a long time I have been concerned about new agencies simply having a job opening for me, now I might have to worry about having profitable news agencies that exist. I am not screaming doomsday just yet, but the economic crisis keeps creeping closer to home and frankly I'm glad I have a few
years until I am really on the job market. Hopefully by then things will be on the up and up and I can hope to feed a family.
One part of the article stuck out to me, and is why I am not screaming doomsday, yet. When the article talks about how the NY Times is worried about the economic crisis digging into profits I started turning the rusty wheels in my head. I'm no financial genius here, but doesn't that mean the company is still profitable? We're not talking about trying to bailout debt here. We're worried about stockholder dividends and CEO bonuses here. The greed of Wall Street keeps our economy moving, but it needs to be kept in check. We're watching now the Big 3 go through what the Times may experience if they don't learn from the world around them. There is still time to save themselves, if they don't let greed overrun their good business sense.
I don't think if the Times fails journalism is dead, but making a living being a journalist will be a lot harder working for smaller organizations. Maybe the CEO should read the articles their reporters write and take a hint or two from their buddies in Detroit.
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