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NY Times Building Deal Brings in $225 Million
By
Jen Chung
Published Mar 9, 2009
Modified Mar 9, 2009
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By
Jen Chung
Published Mar 9, 2009
Modified Mar 9, 2009
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The NY Times announced it raised $225 million in cash from the "sale-leaseback of part of its headquarters building, one in a series of moves to pay down its debts and increase its cash cushion during a drastic slump for the newspaper industry."
W. P. Carey made the purchase and apparently both W.P. Carey and the NY Times Co. expect the Times to buy back the building in 10 years (plus interest). The Times article about the move also notes how the NY Times Co. suspended dividends and borrowed $250 million from Mexican media mogul Carlos Slim. The Business Insider writes, "This transaction does not improve the NYT Company's long-term value. It simply converts an asset (the building) into cash and a long-term liability (the leaseback). This buys the company more time to restructure its business, but it doesn't increase the company's net worth. It also doesn't amount to a long-term plan."
Last December, the Times announced it would take a loan out on its new building. The Times owns 58% of the 1.5 million square foot tower, which cost over $600 million.
Tagged
lease buyback
media industry
mortgage
newspaper
ny times
ny times building
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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