Time Magazine Begging For Bailout Scraps?
Time magazine has an article up discussing the need for a potential bailout of the media industry. What have we come to? If this nonsense keeps up we’ll all be working for Uncle Sam soon, so we should start stocking up on red white and blue material now so we can make the uniforms we’ll be wearing while we serve our new Federal Government Overlords. I’m going to start sewing - I’m a big guy and my government uniform is gonna take awhile. You should read the article from Time Magazine so that you can fully appreciate what America is sinking into.
One of the oldest newspaper chains, Journal Register, went bankrupt late last week. It had too much debt and too little operating income. The daily newspapers in Philadelphia have also filed for Chapter 11. There have been rumors, almost certainly untrue, that The New York Times (NYT) will run low on funds to pay its debt. In the case of The Times it has valuable assets to sell, but its situation deteriorates each quarter. By most estimates, its second largest property, The Boston Globe, loses $1 million a week.