I know nothing about economics. I wouldn't know a hedge fund from a hedgehog. Until last week I thought venture capital was the name of the band that recorded the theme from "Hawaii Five-O".
He certainly proved the point by once again bringing up the misleading fact that Fenway Park has the highest ticket prices to imply that Red Sox fans are being unusually soaked by ownership. Fenway Park has the highest ticket prices because it is the smallest stadium in baseball. There are not thousands of $10 nosebleed seats like in Camden Yards or Cellular One to drive down demand and the average ticket price. If you compared Yankee Stadium to Fenway on a seat by seat basis, Yankee Stadium would be more expensive. Second level seats behind homeplate in the new Yankee Stadium are much more expensive than the top seat at Fenway.
And doesn't Dan wish that people adored 'His' newspaper as much as they do the Red Sox. Doesn't he wish that 'His' newspaper were as 'recession-proof' as the Red Sox. 'His' newspaper was in the throes of a recession years before there even WAS one. All of this makes for marvelous drama, as we add The Boston Globe to Howie Carr's 'Death Pool.' No use sniffing in a haughty way that the Herald will 'go first.' That's like saying the bow of the Titanic went down before the stern. In the end, it didn't much matter.
ReplyDeleteI actually agree with most of what the Shank says in this piece. Yeah, I am ashamed of myself as well.
ReplyDeleteI read somewhere that if the NY Times Company needs to raise cash, their only marketable asset would be their interest in the Red Sox and related entities. The regional newspapers would not fetch much.
ReplyDeleteBook’um Danno!
ReplyDeleteAgain the pied piper plays the owners’ tune and leads the minion’s right into the cash trap.
This article is such "feel good" crap about how "caring" the owners are.
Geez, next thing we will read about is how John Henry feels so bad about the money he makes when "punching" keyboards and capitalizing on "emotional" financial volatility that he gives all the cash back.
Danny Boy why don’t you challenge the owners and have them explain how much money they make at our expense. Or are those “fringe benefits” that the media are showered with by the owners too good to pass up?
5-0 and out.
Book 'em, Danno!
ReplyDeleteMurder One:
In 1896, Adolph Ochs bought The New York Times and boldly placed on its front-page flag the slogan All The News That’s Fit To Print. Today, its publisher, Arthur Ochs Sulzberger Jr., may need to rewrite that slogan to Less News And Less Money To Print It.
That’s because The Times has fallen on hard times (forgive me). The faltering business model that has strapped financial straitjackets onto other newspapers (witness the Christian Science Monitor ending its print edition) may have finally knee-capped the nation’s best newspaper. It has significant debt coming due, and insignificant cash on hand.
Reports Henry Blodget of the Silicon Valley Insider:
[T[he company must deliver $400 million to lenders in May of 2009, six months from now. The company has only $46 million of cash on hand, and its operations will likely begin consuming this meager balance this quarter or next. The company has been shut out of the commercial paper market, but has a $366 million short-term credit line remaining that it entered into several years ago, when the industry was strong. It has not yet drawn this cash down, and given the current environment and the trends at the company, we would not take for granted that it will be able to do so. [emphasis added]
Rest at the link.
OB - what was that you were saying about the Globe not going anywhere?
OB has no more bullets in his gun with respect to the fortunes (misfortunes?) of the Globe and the NYT. He tries and fails, each and every time.
ReplyDeleteOB,
ReplyDeleteIn my reference to Book’em Danno I should have also introduced Steve McGarrett's (Hawaii 5-0) constant request to "Patch me through to Danno".
Wasn’t Danno a good ole boy? Just like CHB. Whenever the Boss calls the Danno comes a runnin’
"Patch me through to Danno" the Boss got some scoops.
g
more foolish rantings from, "The Shank".....complete gibberish that only his #1 fan, "the ObjectiveDouche" would buy
ReplyDelete