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New York Times Will Vacate 8 Floors In Its HQ To Generate “Significant Rental Revenue”

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by Tyler Durden
Dec 16, 2016 11:00 AM

Remember when The NYT reported that its ad hoc campaign to boost revenue by selling subscriptions in response to the vicious back and forth with Donald Trump, was said to be a smashing success? Perhaps it was subscriptions for the crossword puzzle because it appears the monetary success was not smashing enough, and according to a just released note from executives Arthur Sulzberger and Mark Thompson, the newspaper will vacate at least eight floors in its iconic building, allowing it to “generate significant rental income” because it is “frankly, too expensive to occupy this many floors when we don’t truly need them.”

Maybe the lesson here is that when the newspaper business model no longer works, one can just pivot into a REIT?

The remaining staff will be consolidated on the remaining, redesigned floors in a “more dynamic, modern and open workplace, one that is better suited to the moment.”

Furthermore, the NYT publisher and CEO will lose their corner offices, which they call a “vestige from a different era” and will “introduce more team rooms and common spaces.”

It is unclear if NYT would distribute pink slips as part of the cost-cutting effort, however as the letter adds, “in the end, these changes will impact every employee at 620 Eighth Ave. In the near term, we will have to move about 400 employees out of the building to nearby office space while the first phase of work is completed. We expect that group, which includes parts of marketing, technology, the newsroom, news services, corporate finance and print products and services pre-press operations, to move in the first quarter and return by the end of 2017. Your manager will notify you if your position is affected by this temporary move. We understand and appreciate the disruption this will inevitably cause and we will do everything in our power to mitigate it.”

http://www.zerohedge.com/news/2016-12-16/new-york-time-will-vacate-8-floors-its-headquarters-generate-significant-rental-reve

10 thoughts on “New York Times Will Vacate 8 Floors In Its HQ To Generate “Significant Rental Revenue”

  1. Yes!!!!
    On their way down the tubes just like the Borg Family and the Record!
    Liberal progresive propaganda machines are dying the slow painful death they deserve.

  2. It will be a sad day when people look to zerohedge for facts over a paper like the NYT.

    Great statistical summary of Electoral College and actual vote count for 2016 in the NYT. Trumps’s “overwhelming” win is sad when you look at reality.

  3. The source Zero Hedge
    “Former Zero Hedge writer Colin Lokey said that he was pressured to frame issues in a way he felt was “disingenuous,” summarizing its political stances as “Russia=good. Obama=idiot. Bashar al-Assad=benevolent leader. John Kerry=dunce. Vladimir Putin=greatest leader in the history of statecraft.”[1] Zero Hedge founder Daniel Ivandjiiski, in response, said that Lokey could write “anything and everything he wanted directly without anyone writing over it.”[1] On leaving, Lokey said: “I can’t be a 24-hour cheerleader for Hezbollah, Moscow, Tehran, Beijing, and Trump anymore. It’s wrong. Period. I know it gets you views now, but it will kill your brand over the long run. This isn’t a revolution. It’s a joke.”[1]”

  4. The NY Times will likely always exist in some form, but it is fading in relevance. It’s dying for a number of reasons, but mostly, it’s dying because the trend in how people consume news is rapidly changing. It’s no different to record companies and record stores managing the music business. The Times keeps trying to sell itself through online subscriptions but people simply won’t pay a cent for it. News is easily available elsewhere for free. Same deal with lesser outlets, like The Record. The other main reason is its content. The liberal bias might work on the Upper West Side, but not in Preoria. America is predominantly right-of-center, and The NYT, ABC, NBC, CBS, CNN, and a whole host of what’s known as the mainstream media is losing market share and dying.

  5. please post comments that have something to do with the article, silly attacks that have nothing to do with the article are irrelevant

  6. What were the “silly attacks”?

    You need to look at the source of the post. Fake and biased commentary are a real problem. Zero Hedge is pure opinion.

  7. the NYT is consolidating its operations and renting out floors again please read the article before commenting

  8. Consolidation and less print advertising revenue continues to kill the print media companies
    and the NY Times is just one on a long list of money loosing newsprint and.electronic media operations .You can see how they have stripped down their reporting and sectional print publications to the bone.
    Using third party reporters and other means to gather articles from AP and freelancers.

    Politics aside,when the NY TIMES IS selling the silverware it’s time to expect more negative developments in the print media sector.People gather news in so many easier and less expensive ways as James and others have reported,I think young people won’t benefit as the boomers and others did from reading newspapers from the different publishers and their political points of view were nakedly seen NYT WSJ ETC

  9. There’s no story here; all businesses are looking at space consolidation. My company is reducing space by 25% because most of us work from home a great deal. Some people are opting into hoteling work space; they sign out cubicles when they come into work. Our files are electronic but for the paper ones, we’ve made file rooms more efficient and offices smaller. Meeting rooms are becoming a thing of the past as we can skype, gomeeting, etc.

  10. 8:50AM speaks the truth….I work with someone that has come into the office in 3 years. In fact, he got a promotion this past year.

    My company has sublet floors at our midtown office for many years….

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