New York Times (NYT): Bend Over Shareholders, Here Comes The Dilution

New York Times (NYT) management is finally taking the steps necessary to try to save the company. Several years too late? Yes. But better late than never. First, the company announced plans to sell its headquarters, which should bring in $250 million. Then it began actively shopping the Boston Globe and Red Sox stake, which might bring in another $250 million (if it can find anyone to buy them). N

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Henry Blodget argues:"In our opinion, this plan will need to involve a major restructuring, including a reduction in the size of the company's editorial operation by at least 40% (and, eventually, more, as the print business wanes)."