Poor NYT

I had no idea how bad things were for the NY Times. Henry Blodget did a quick analysis at Silicon Alley Insider.com, and the future is pretty grim.

Blodget’s SAI analysis:

THE SHORT TERM

What NYT Has (Short-Term):

* $46 million of cash
* $366 million owed to it by advertisers

Total: $412 million

What NYT Owes (Short-Term):

* $398 million of short-term debt (due in May)
* $161 million of accounts payable (newsprint, travel, etc.)
* $100 million of payroll (salaries)
* $159 million of other expenses
* $50 million owed on long-term debt and rent

Total: $865 million

Bottom Line: NYTCo owes $453 million more than it has.

Even if you cut all the variables in the newspaper’s favor, the situation remains fugly.

THE LONG TERM

What NYT Has:

* $1.355 billion of buildings, real-estate, printing presses, trucks, technology
* $146 million of investments in joint ventures (Red Sox, etc.)

Total: $1.501 billion

What NYT Owes:

* $673 million of long-term debt
* $7 million of long-term rent
* $284 million of pension benefits
* $214 million of retiree healthcare and other benefits
* $290 million of other liabilities

Total: $1.468 billion

Check out Blodget’s conclusions >>

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