Somewhere around the middle of this past decade, the New York Times suffered a near-death experience.
The paper’s finances were shaky in the usual ways: print income was falling, digital revenue failing to compensate. A Mexican telephone tycoon lent a lot of money in exchange for an uncomfortably large stake in the company. Magazine profiles openly disrespectful of publisher Arthur Sulzberger’s abilities began appearing. Rupert Murdoch took over the Wall Street Journal and declared war on the Times’ hold on New York.
One media guru put the previously unsayable into print: that the Times might soon fold or be sold. (Even this blog has occasionally been a little snarky about the Grey Lady.)
And what happened? No newspaper dependent on those dropping print revenues is out of the wood yet, but things have looked up. The Journal has not broken through in New York and Murdoch and the News Corp hierarchy have phone-hacking lawsuits, trials and revelations to worry about. Reporters from the New York Times made a significant mark on the phone-hacking disclosures.
