The New York Times is often referred to as the gray lady, famous for its abundance of words over photos and its bland, boring prose. These days, there is so much red ink at the Times that it ought to be called the pink lady, at the very least. Conservatives have thought it should have been called the pink lady for the last 70 years.
The New York Times Company bought the Boston Globe in 1993 for $1.1 billion. It just sold it for $70 million. But we must factor in price inflation. At 1993’s prices, the Times Company paid the equivalent of $1.75 billion today. So, the company lost a staggering 96%.
This shows where print newspapers are headed: down. This also shows where the New York Times is headed: down.
The Times is liberal. It is the voice of American liberalism. When it finally shuts down, the voice of American liberalism will then be something else. It will have less prestige. It will have a smaller following. It will not have three generations of tradition to back it up.
American liberalism has bet the farm on three institutions: newspapers, network television, and the education system. All three are under assault by the Internet. The profits are shrinking for newspapers and network television.
One by one, print newspapers are dying. The wide variation of opinion on the Internet is drowning out the once-monopolistic voice of liberalism.
It’s not 1953 any more. It’s not 1963. It’s not even 1993. Just ask the New York Times Company.