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Who will buy the New York Times?

Friday, 6 May, 2016

“We have tried everything we could but sadly we just haven’t reached the sales figures we needed to make it work financially,” New Day editor, Alison Phillips, on Facebook yesterday. Birthed on 22 February, the newspaper was buried on 5 May.

How can the world’s remaining newspapers avoid the grim fate of New Day? Well, the New York Times is getting into the food delivery business, Bloomberg reports: “This summer, the New York Times will begin selling ingredients for recipes from its NYT Cooking website as the newspaper publisher seeks new revenue sources to offset declines in print. The Times is partnering with meal-delivery startup Chef’d, which will send the ingredients to readers within 48 hours.”

The NYT is also placing a bet on travel. “Times Journeys” charges readers thousands for tours of theocracies and autocracies like Iran and Cuba. “Chernobyl: Nuclear Tourism” is packaged as “A journey focused on science & nature,” while “An Exploration of Southeast Asia” is undertaken “Aboard the 264-passenger L’Austral, designed to serve both the chic and the casual.” The vessel is “sleek and intimate” and “you’ll feel as if you were on your own private yacht.” With the “Owner’s Suite” priced from $18,390, one would hope so.

Earlier this year, the Financial Times, in a “Big Read” piece by Henry Mance titled “UK newspapers: Rewriting the story,” pronounced the newspaper business dead on delivery. There is no viable economic model for a written news product, Mance concluded. There is, of course, the FT’s solution to the problem. It sold itself to Japan’s Nikkei last summer for $1.3 billion. So, who will buy the New York Times?


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