October 24 2008 / by Alvis Brigis
Category: Social Media Year: 2009 Rating: 2
Yesterday the New York Times Company announced that it has been so affected by the recent economic downturn that it may default on its debt. Coming on the heels of the worst advertising year for newspapers since 1950 things are not looking good for the typically stalwart American brand. With the prospect of more financial woes on the horizon, it is conceivable the company will be required to liquidate a significant portion of its assets come the new year.
On the flip side of the coin, this is also a great opportunity for management at the great American newspaper to guide it towards a more situationally appropriate new media model. As upstart blogs rake in the big bucks it’s about time the New York Times got hip to the times. With a bit of common sense and some luck they company will be able to avoid the sinister fate that awaits former giants such as GM.