WaPo shows the NYT how it is done (updated)

Not every newspaper company is faltering as badly as the New York Times under Pinch Sulzberger. The Washington Post has just been awarded an A+ rating on a proposed new issue of debt by Standard and Poor's, and an A1 rating by Moody's, the agency which just put the Times' debt deep into junk status.When Pinch took over the Times for his family, it was diversified, as was the WaPo. But he foolishly squandered billions and sold off the crown jewels to maintain the regal style the staff expected and pumped cash into dividends. In contrast, the WaPo managed its assets far more prudently, and is not in trouble.The overall state of the newspaper industry is no excuse for Sulzberger's management failures. The Washington Post Company demonstrates this fact conclusively.How much longer will the Sulzberger family entrust its dwindling fortune to the hands of a hapless incompetent?Ed Lasky adds:A little recognized fact is that the Wa Po derives large chunk of its profits (and hence, good bond...(Read Full Post)

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