New York Times Hemorrhaging Money

The New York Times Company released its missed opportunity to buy Monster.com on the cheap back in 1995.

Members of the family that had owned the Boston Globe until it sold to NYT Co. in 1993 protested their grandfathers “would roll over in their graves” if the paper bought Monster. This was at the peak of a time when big-city newspapers were pulling in $5 million every Sunday due their monopoly on classified advertising.

The rest, as they say, is history. As papers across the country shut down or go online only, the newspaper industry is going to have to make some bold digital moves or face extinction. The quickest road would be through acquisitions, but financially, it may be too late for that, especially since even large, national companies are having difficulty securing financing.

Don’t fret too much, though. This is their problem more than yours. If the NYT or any number of other papers die, it’s not the end of the news, just the news as we know it. The news will continue, transformed, evolved, reborn, rebooted online.