Brad Delong on the news of the New York Times’ financing deal, which sounds a bit like the Gray Lady went to one of those brightly painted car title loan places you see in former gas stations:
Good God almighty! 14% interest with short-term inflation at zero plus a share of the upside if the stock price recovers! … Hard to see this deal as anything other than a forecast that the New York Times will be in bankruptcy court within a decade.
Agreed that this is less than confidence-inspiring. But a look at their books (which are available online) also paints an unhappy picture, and they were going to have to find money somewhere — the Times is in hock to such a level that layoffs and rationing the pens in the supply cabinet are not going to cut it.
For something lighter, check out Jill Lepore’s Whig history of the press at the New Yorker.