The New York Times’ efforts to sell its iconic HQ building has taken on even greater importance since Moody’s and S&P both downgraded the Grey Lady’s debt to junk status.
This downgrade is sure to impact the Times’ ability to raise cash, because junk ratings make it too expensive to borrow capital through “regular” channels.
If they really need money, they should give us a call. We can introduce them to a friendly Nigerian banker we just met on the internet. He has $10,000,000 and is willing to give them some of it.
In a remarkable double whammy, veteran observers note that the Times’ reporting had already been reduced to junk status several administrations ago.
