Yesterday and today, the U.S. stock market went down.
But The New York Times (NYT) shares went up.
Why?
The reason is here.
They are working with Facebook … so the value of the newspaper company improves.
A good lesson for mono-media companies.
“Trying to assess the true importance of the Internet now is like asking the Wright brothers at Kitty Hawk if they were aware of the potential of American Airlines Advantage Miles,” said The New York Times Publisher Arthur Ochs Sulzberger, Jr.
Sorry, but Yahoo!, MySpace, Google, Flickr, YouTube or Facebook, for example, are quite mature developments and the slow response of many traditional media publishers shows that they are not the Wright brothers of the Internet.
Today, The New York Times stock is lower than ever.
Around $18 right now.
Going down again and again after Morgan Stanley sold its nearly 10.4 million shares in the newspaper.
The newsroom is producing a first-class product, but the business management is doing a third-class job.
Facebook is not another Google is a great column by John Naughton.
I was very impressed by the news about Facebook and then I asked our expert, Christian Oliver, and he responded like John Naughton:
Nothing beats meeting people…
I am glad to be in agreement with our British colleague.
And against the current opinion trend.
The Wall Street Journal interviews him.
It’s a good one.
Rupert Murdoch at his best!
Just the final Q&A:
WSJ: The Tribune company was shopped around for quite a while.
Mr. Murdoch: Yeah, but there weren’t any buyers.
WSJ: There was one in the end.
Mr. Murdoch: For $90 million. Risk. That’s in the figures …
WSJ: Why didn’t you do it?
Mr. Murdoch: Don’t want to spend the rest of my life going through that, getting rid of people, ugly. I think they’re in decline, they can fire a few hundred people everywhere, save a couple of hundred million dollars … I guess they will have a billion a year to pay down the debt, that’s what it sounds like. No, a bit less … I would have thought that, although the decline in readership … will probably go on…
WSJ: They’re all going to MySpace.
Mr. Murdoch: I wish they were. They’re all going to Facebook at the moment.
(Via John Duncan)
