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 ]
A few years ago, investors were eager to throw money at digital media startups. Not anymore. But there are some Continue reading at Editor & Publisher
[ Editor & Publisher | 2019-12-16 15:51:10 UTC ]
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Folio:’s annual survey of magazine industry sales and marketing salaries indicates that overall compensation levels remained fairly consistent year-over-year for publishers and marketing directors, while salespeople at the account-executive level reported an overall decline in median base... Continue reading at Folio Magazine
[ Folio Magazine | 2019-10-24 19:00:27 UTC ]
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The new annual sales survey from the APA shows audiobooks holding its market lead for growth in formats, with listening in cars on the upswing in 2018. The post Audio Publishers Association Survey: Nearly $1 Billion in 2018 Sales appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2019-07-16 17:07:26 UTC ]
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When Miguel Patricio, former Anheuser-Busch InBev global chief marketing officer, was announced as the next CEO of Kraft Heinz earlier this year, you’d be forgiven for assuming job cuts were coming. After all, both companies are affiliated with penny-pinching Brazilian investment firm 3G... Continue reading at Advertising Age
[ Advertising Age | 2019-06-26 07:00:00 UTC ]
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Digital media company Refinery29 is looking to raise up to $20 million through a new funding round, according to a recent SEC filing. The filing was spotted by Axios, which reports the startup will... To view the full story, click the title link. Continue reading at Crains New York
[ Crains New York | 2019-05-28 19:43:30 UTC ]
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The founders of Instagram announced in a surprise move Monday that they were leaving Facebook Inc. Kevin Systrom and Mike Krieger said they were “ready for their next chapter” and said they were grateful for the six years they spent at Facebook, which acquired the photo sharing app for $1... Continue reading at Los Angeles Times
[ Los Angeles Times | 2018-09-25 00:00:00 UTC ]
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After months of searching, Meredith Corporation has finally found a proper suitor for Time magazine. On Sunday, September 16, the company announced it has sold the legacy brand it acquired in January this year for $190 million in cash to Marc and Lynne Benioff. Marc Benioff is the founder,... Continue reading at Folio Magazine
[ Folio Magazine | 2018-09-17 00:00:00 UTC ]
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Compensation for Time Warner Chief Executive Jeffrey Bewkes — who is hoping to take a victory lap after orchestrating the sale of his company to AT&T — soared to $49 million in 2017, according to a regulatory filing. His 2017 compensation was 50% higher than the previous year, when he... Continue reading at Los Angeles Times
[ Los Angeles Times | 2018-04-28 00:00:00 UTC ]
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Right wing troll Milo Yiannopoulos has officially dropped his lawsuit against Simon & Schuster. Last July, he announced he was suing the book publisher for wrongfully terminating a contract for his book, Dangerous, after Yiannopoulos made comments that seemed to defend pedophilia. The suit... Continue reading at Fast Company
[ Fast Company | 2018-02-20 00:00:00 UTC ]
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'Quite a big challenge to aim for the world’s largest book market': Moscow's Clever Publishing wants $10 million in North American sales in three years. The post Russia’s Clever Publishing Adds North American Market through Quarto Distribution appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2017-12-01 00:00:00 UTC ]
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Bertelsmann has agreed to buy a 22% stake in Penguin Random House that will generate about $1 billion for Pearson, which will still have a 25% stake in the trade publishing giant. Continue reading at Publishers Weekly
[ Publishers Weekly | 2017-07-11 00:00:00 UTC ]
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Houghton Mifflin Harcourt Co., the Boston-based education publisher facing financial headwinds, said it plans to cut as much as 10 percent of its workforce in effort to save money, according to regulatory filing. With a total workforce of 4,500 workers as of the end of last year, the cuts could... Continue reading at Silicon Valley Business Journal
[ Silicon Valley Business Journal | 2017-04-20 00:00:00 UTC ]
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It was an unusually interesting week in digital marketing stats, with some numbers proving to be surprising and others mind-boggling. The following nine data points particularly got our attention. 1. Talk about a ridiculous YouTube win Emirates, the airline from United Arab Emirates, was... Continue reading at AdWeek
[ AdWeek | 2016-10-21 00:00:00 UTC ]
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Chris Hughes' ownership of The New Republic looks like it will come to an end.The Facebook co-founder, in a staff memo later published on Medium, announced that he is seeking a new owner for the magazine, which he acquired in 2012."After investing a great deal of time, energy, and over $20... Continue reading at Advertising Age
[ Advertising Age | 2016-01-11 00:00:00 UTC ]
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Kik, a chat app that claims 40% of U.S. teenagers as users, announced a $50-million investment Tuesday from Chinese tech company Tencent that values the start-up at $1 billion. Continue reading at Los Angeles Times
[ Los Angeles Times | 2015-08-19 00:00:00 UTC ]
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Tim Duncan claims he lost more than $20 million to a dishonest financial advisor, according to a report in Bloomberg Business. Continue reading at Los Angeles Times
[ Los Angeles Times | 2015-06-18 00:00:00 UTC ]
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A 5 p.m. deadline bore down on New York Times employees considering whether to accept buyout packages, a bid for the newspaper publisher to trim costs.The company has said there will be forced cuts if 100 jobs can't be eliminated through voluntary buyouts.Like many newspapers, the Times is... Continue reading at Advertising Age
[ Advertising Age | 2014-12-02 00:00:00 UTC ]
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A federal judge in New York has given final approval to a settlement in which Apple will pay $450 million for its role in a conspiracy to fix prices for ebooks. Judge Denise Cote of the U.S. District Court in Manhattan called the settlement “fair and reasonable.” It requires Apple to pay $400... Continue reading at PC World
[ PC World | 2014-11-22 00:00:00 UTC ]
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