The New York Times announced today it would vacate 8 floors in its iconic New York City headquarters.
Via Zero Hedge
…According the a just released note from executives Arthur Sulzberger and Mark Thompson, the newspaper will vacate at least eight floors from its iconic building, allowing it to ‘generate significant rental income’ because it is ‘frankly, too expensive to occupy this many floors when we don’t truly need them.’
Furthermore, the NYT publisher and CEO will lose their corner offices, which they call a ‘vestige from a different era’ and will ‘introduce more team rooms and common spaces.’
In the near term, we will have to move about 400 employees out of the building to nearby office space while the first phase of work is completed.
Perhaps the most epic line of trolling from this Zero Hedge article is, “Maybe the lesson here is that when the newspaper business model no longer works, one can just pivot into a REIT?”
It was right after the election that the New York Times announced that their subscription growth soared tenfold, adding 132,000, so why are they vacating 8 floors? Certainly this has nothing to do with the fact that the New York Times was wrong about Trump the entire election. Certainly this has nothing to do with the fact that they are full of propaganda and people are no longer buying their lies. Being the eternal optimist that I am, maybe Trump inspired the New York Times to get into the real estate business.
New York Time Will Vacate 8 Floors In Its Headquarters To Generate “Significant Rental Revenue” https://t.co/hlKOx8pBy6
— zerohedge (@zerohedge) December 16, 2016
