The New York Times to File Bankruptcy

Allie @ Gone Hollywood | Monday, December 22, 2008

The New York Times has to repay $400 million in debt in the first half of 2009. It plans to mortgage its headquarters, but what that will bring in an uncertain real estate market is unknown.

The firm’s ‘Boston Globe’ and regional newspaper operations lose money, so they will be hard to sell.

Another big media operation, perhaps News Corp which owns ‘The Wall Street Journal’ and ‘The New York Post,’ will come in and auction off what it can and keep the flagship ‘New York Times’ newspaper and NYTimes.com website.