Friday, December 03, 2004


A few years ago, the New York Times held up NYC for help that could total $100 million by claiming that a deal was the only way they could afford to stay in the city (pay up or we'll move to NJ!).

Sorta rival the Village Voice now reports the NYT sold their headquarters for more double the profit they claimed they would get when they strong-armed the city into the deal (state consultants had predicted the correct value but were ignored). In fact, the "unexpected" windfall likely equals the subsidies the NYT won from the city. So is the NYT giving them up? You know the answer to that dumb question:
Mathis, the Times spokeswoman, said the deal still makes sense as negotiated because the company's costs are rising. "Not only is there general inflation, but there is every reason to believe that we are facing rapidly rising prices, particularly for the interiors," she said, adding, "Our package was similar to incentives offered to other builders."
No wonder the NYT favors big (malleable) government.

(Via the excellent 2Blowhards).


Post a Comment