Donít Judge a Company By One Paper
Thurs., April 5, 2012.
In his column "Investing in Quality" in your Winter 2011 issue, John Morton asserts that the New York Times Co. has outperformed its competitors while
making minimal staff cuts. Unfortunately, Morton makes a simplistic error when he
interchangeably uses "the New York Times" and "the New York Times Co." The New
York Times Co. may have invested in one of its properties,
the New York Times, in recent years, but it has done so while making major cuts
at its other properties. For example, the Ledger in Lakeland, Florida, laid off 20
employees and cut eight open positions in 2010. [The Times Co. subsequently sold
the paper.] The Boston Globe threatened to close its doors unless employees took
significant pay cuts, which they did. The New York Times is a newspaper owned by
the New York Times Co. One shouldn't judge a whole company by one part.
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