The New York Times weathered some powerful storms in media over the last 20 years to transform itself into a digital publication with more than 11 million subscribers and $300 million in annual earnings.Unfortunately, success hasn’t carried over to a chunk of its 1.5 million square-foot headquarters tower at 620 Eighth Ave. that the Times doesn’t own. In the past year several tenants have left the building across from the Port Authority Bus Terminal, and in September the law firm Covington & Burling plans to leave 200,000 square feet for new space at Hudson Yards. Now, a credit-rating agency is warning that part of the building that isn’t owned by the news organization may have difficulty refinancing when nearly $900 million of debts come due in December. Fitch Ratings downgraded its outlook for the 52-story tower to “negative,” citing concerns of the “refinanceability” of its $635 million mortgage. The building also carries a $120 million junior mortgage and $115 million mezzanine loan. Fitch said the 620 Eighth generates only 66% of the cash needed to service its “substantial” debt.” The loans have been extended five times since 2020 and no further extensions are available, Fitch said.620 Eighth was developed by the Times at a cost of $1 billion in 2007. Two years later the publisher sold part of the building for $225 million and leased the space. It bought back the lower half of the tower in 2019 for $245 million, according to a regulatory filing. The publisher... Continue reading at 'Crains New York'
[ Crains New York | 2025-02-25 16:19:40 UTC ]
The New York Times weathered some powerful storms in media over the last 20 years to transform itself into a digital publication with more than 11 million subscribers and $300 million in annual earnings.Unfortunately, success hasn’t carried over to a chunk of its 1.5 million square-foot... Continue reading at Crains New York
[ Crains New York | 2025-02-25 16:19:40 UTC ]
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The conservative news publisher The Dispatch, which first launched on Substack in 2019, is staffing up and expanding its advertising business amid a nationwide shift in political sentiment. The 27-person outlet generated between $5 million and $10 million in revenue last... Continue reading at AdWeek
[ AdWeek | 2025-01-31 11:48:21 UTC ]
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You can book a room in any hotel, but at the Library Hotel you can select which books will be in your room. On the fourth floor, far from the madding crowd downstairs enjoying the complimentary daily wine and cheese, guests can rest in a room filled with Russian novels. The sixth floor’s rooms... Continue reading at Crains New York
[ Crains New York | 2024-12-02 18:27:16 UTC ]
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RFR Holding is more than 90 days delinquent on the mortgage for 90 Fifth Ave., according to Fitch Ratings, the latest sign of mounting strain for the developer fighting eviction from the Chrysler Building.The 140,000 square-foot building at the corner of West 14th Street is a small part of RFR’s... Continue reading at Crains New York
[ Crains New York | 2024-10-25 17:48:58 UTC ]
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Anyone who lived within 2 miles (3.2 kilometers) of the derailment can get up to $70,000 per household for property damage plus up to $25,000 per person for health problems. A federal judge on Wednesday approved a $600 million class-action settlement Wednesday that Norfolk Southern railroad... Continue reading at Fast Company
[ Fast Company | 2024-09-26 13:48:03 UTC ]
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Brink's security is suing Canada's biggest airline for more than $20 million for allegedly letting a thief walk into an Air Canada facility at Pearson airport and walk out with gold bars and cash. Continue reading at CBC
[ CBC | 2023-10-12 14:48:27 UTC ]
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In what is likely a record price for an audiobook publisher, KKR, the private equity firm that owns RBmedia—and a rumored contender to buy S&S—is selling the company for an alleged $1 billion sum. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-07-26 04:00:00 UTC ]
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Digital media and marketing group Jellyfish has been wholly acquired by The Brandtech Group, driving their combined revenue to more than $1 billion. Jellyfish, which was co-founded in 2005 by chief executive Rob Pierre, currently operates across 38 offices and employs more than 2,000 people. It... Continue reading at AdWeek
[ AdWeek | 2023-06-01 12:00:00 UTC ]
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Meta's publishing arm for virtual reality games is now officially called Oculus Publishing. It's a completely different division from Oculus Studios, which is the company's label for first-party games. Oculus Publishing will instead support partner developers with conceptualization, funding,... Continue reading at Engadget
[ Engadget | 2023-03-23 08:01:38 UTC ]
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Last week, Callisto Media fired about 140 employees in an effort to reduce spending by about $20 million. As a result of the job cuts, title output has been reduced significantly. Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-07-21 04:00:00 UTC ]
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Driven by an increase in its physical stores, sales at Indigo Books & Music increased 17.4% in the fiscal year ended April 2, 2022, over fiscal 2021, rising to C$1.06 billion. Canada’s largest bookstore chain had an operating profit of C$29 million, compared to a loss of C$31.9 million in... Continue reading at Publishers Weekly
[ Publishers Weekly | 2022-06-08 04:00:00 UTC ]
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OnlyFans, the platform that allows creators to sell material directly to customers, will soon implement new restrictions on the publication of adult content. Starting in October, the company will ban the sale of sexually explicit content and depictions of sexual acts. The move does not cover all... Continue reading at Engadget
[ Engadget | 2021-08-20 17:40:41 UTC ]
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The Wisconsin-based book printer is spending another $10 million to build more printing capacity as domestic manufacturers see a boom in business. Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-05-04 04:00:00 UTC ]
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Shares in Cars.com Inc. rose nearly 20 percent in mid-day trading Thursday after the company announced quarterly financial results that bettered analysts' expectations. The Chicago online automobile marketplace reported second-quarter revenue fell 31% to $102 million from a year earlier and... Continue reading at Silicon Valley Business Journal
[ Silicon Valley Business Journal | 2020-07-30 17:33:07 UTC ]
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Covid-19 has hit publishers especially hard, from lost revenue due to keyword blocking and changing consumer news preferences. News Corp has been deeply affected, suffering a net loss of $1 billion in the third quarter of 2020. Stephanie Layser, vp of advertising technology at News Corp, spoke... Continue reading at AdWeek
[ AdWeek | 2020-07-15 19:21:32 UTC ]
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Harry Hoffman, the most powerful person in bookselling in the 1980s as the CEO of Waldenbooks, died on May 20 at age 92. Hoffman took over the 500-bookstore chain in 1979 and, when he retired in 1991, the chain had about 1,300 outlets and sales of over $1 billion. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-05-29 04:00:00 UTC ]
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Pondr hopes to raise at least $10 million this year and has already netted at least $1 million from Cargill heirs Whitney and Betty Macmillan. Continue reading at Silicon Valley Business Journal
[ Silicon Valley Business Journal | 2020-04-30 09:00:00 UTC ]
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Out of the carnage of the Great Recession a decade ago, face-to-face events emerged as an increasingly attractive revenue source for media companies, a lifeline connecting buyers to sellers that seemed largely immune to the migration from print to digital and in many cases poised to benefit... Continue reading at Folio Magazine
[ Folio Magazine | 2020-03-27 16:58:59 UTC ]
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New Jersey-based Wainscot Media announced this week that it has acquired a pair of B2B healthcare industry magazines from Scranton Gillette Communications for an undisclosed sum. The 8x frequency Imaging Technology News and bimonthly Diagnostic and Interventional Cardiology, both of which trace... Continue reading at Folio Magazine
[ Folio Magazine | 2020-01-14 19:19:58 UTC ]
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