Thursday, January 22, 2009

Is New York Times sale an omen for Lancaster?

In order to raise funds to pay down over a billion dollars in debt, the New York Times has sold 17% of its stock to Mexican multibillionaire Carlos Slim, reputed to be one of the wealthiest men in the world.

The bankruptcy of the Chicago Tribune, Los Angeles Times group, the out right sale of the Wall Street Journal, and now the New York Times transaction are all signs of the difficulties facing the print media.

We in Lancaster are most fortunate to yet have a Sunday and two daily newspapers. How long this will last is open to speculation.