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Sunday, January 8, 2012

The 1% over at the NY Times

  So rather than covering the 99% protesting a few blocks away from them, the New York Times is the perpetrator of paying an elite CEO while cutting the wages of the 99% underlings.
  Though we haven't been much for pointing fingers at highly paid CEOs, the NY Times is really an egregious case of an overpaid CEO who has run the company into the ground while taking from the worker bees.
  Forbes, "The New York Times Goes All in with the 1 percenters":
New York Times employees plan an “urgent” Jan. 9 meeting to discuss their next move because its staff are incensed by the $15 million failure bonus given to outgoing CEO Janet Robinson. Robinson, whose disastrous tenure coincided with a drop in the parent company’s stock price from $40 to less than $8 in seven years, is getting $4.5 million to serve as a “consultant” this year (so the company can avail itself of 12 more months of that storied leadership). 
Plus she gets, ahead of schedule, immediate access to a $10.9 million pension (though she is only 61). Her sudden resignation/ouster/defenestration, announced last month, came just three months after Forbes’ Jeff Bercovicisaid she conducted “what felt rather like a victory lap” to boast of her digital strategy. Third-quarter ad revenue sagged by 8.8 percent.
  It really is too much, the bilge that emanates from that place while practicing the very things they criticize. 
  About a month ago, old Pinch's people accidentally sent out an email offering a drastically reduced rate for the NYT to eight million people, an offer they had to rescind the next day for obvious reasons.
  A few days ago, the daily price of the NYT was raised 25% to $2.50.
  TWO DOLLARS AND FIFTY CENTS.
  In a nation of 330 million people, all of 380,000 subscribe to the online paid edition of the NYT. The hard copy is under a million.
  Thus the rise in prices.
  The NYT has to pay Ms. Robinson off.

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