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 ]
Publishing powerhouse Joyce Meyer has written some 100 books and in the past 12 years alone racked up more than 30 million in sales, since FaithWords acquired her backlist in 2002 for more than $10 million. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-10-21 00:00:00 UTC ]
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If you had $10 million to invest in a new publishing business today, with no limitations or obligations, where would you put your money? That's the question put to an opening panel at Frankfurt Book Fair's digital conference, ConTec. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-10-07 00:00:00 UTC ]
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First quarter sales in 2014 fell 11% at Simon & Schuster, to $153 million, but operating income rose to $11 million from $10 million in the first quarter of 2013, parent company CBS reported. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-05-08 00:00:00 UTC ]
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Analysts say the $20 bump, from $79 to $99, could add up to $1 billion to the company's revenue.Amazon Prime is a great deal. You get free two-day shipping on most of your packages, unlimited access to Amazon's growing trove of streaming movies and TV shows, and the ability to rent ebooks from... Continue reading at Fast Company
[ Fast Company | 2014-03-13 00:00:00 UTC ]
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If the plaintiff number is granted, it would put the total damages in this ebook conspiracy at over $1 billion. Five publishers have already paid $166 million. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-02-03 00:00:00 UTC ]
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When Vice first appeared on Ad Age's Magazine A-List in 2010, it raised more than few eyebrows among industry stalwarts. For one thing, it was the first free-distribution magazine Ad Age had ever honored. And another thing—OK, the main thing—Vice is a cheerfully irreverent, quasi-rude... Continue reading at Crains New York
[ Crains New York | 2013-10-22 00:00:00 UTC ]
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Scribd formally launched ebook subscriptions today and the company CEO said he believes the service could eventually produce $1 billion in annual revenue. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2013-10-02 00:00:00 UTC ]
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Second quarter sales at Simon & Schuster held even at $189 million in the period ended June 30, 2013, while operating income jumped to $20 million from $7 million in last year’s second quarter. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-07-31 00:00:00 UTC ]
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According to internal documents obtained by the website TechCrunch, Microsoft has offered $1 billion for the digital assets of Nook Media, Barnes & Noble's digital book venture.According to internal documents obtained by the website TechCrunch, Microsoft has offered $1 billion for the... Continue reading at Los Angeles Times
[ Los Angeles Times | 2013-05-09 00:00:00 UTC ]
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Microsoft is offering to pay $1 billion to buy the digital assets of Nook Media LLC, the digital book and college book joint venture with Barnes & Noble and other investors, according to internal documents we’ve obtained. In this plan, ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2013-05-09 00:00:00 UTC ]
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Reader's Digest Association is on the block, seeking a price of around $1 billion, according to a report from The Wall Street Journal, which says the company may sell off piece by piece rather than as a whole. Continue reading at Folio Magazine
[ Folio Magazine | 2011-07-18 00:00:00 UTC ]
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Barnes & Noble Inc. said that Liberty Media Corp. has offered to buy the bookseller in a deal valuing it at about $1 billion. Barnes & Noble shares were up 20 percent in after-hours trading Thursday on the news, matching the $17-a-share offer price from John Malone's media empire. Continue reading at AllThingsD
[ AllThingsD | 2011-05-20 00:00:00 UTC ]
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Barnes & Noble Inc. said that Liberty Media Corp. has offered to buy the bookseller in a deal valuing it at about $1 billion. Barnes & Noble shares were up 20 percent in after-hours trading Thursday on the news, matching the $17-a-share offer price from John Malone's media empire. Continue reading at AllThingsD
[ AllThingsD | 2011-05-20 00:00:00 UTC ]
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