CNN Money’s Paul La Monica thinks it is time for New York Times, the Gray Lady of Journalism to join the merge-or-be-purged trend sweeping across old media. Given the severe under-performance of NYT stock, well, he is right.
The New York Times Co. chief executive officer Janet Robinson has different ideas and wants to do a digital nip-and-tuck. Robinson, and the company are interested in more online investments, and acquisitions. They have stakes in Indeed and Federated Media, for example.
The paper, however has a terrible record. Any remember the JV/investment in The Street.com. That did not work out too well. How about, the latest move of putting its top columnist behind a paid firewall and calling it Times Select?
Times Select has generated just $6 million in sales so far, a rounding error for a company expected to post $3.5 billion in annual revenue this year.