Could New York Times be on brink of closure?

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The New York Times is ‘the subject of panicked speculation’and could close, a report in The Observer suggests.

‘Saddled with debts, crippled by the cost of the new building (opened in 2007) and of running one of the most expensive news operations on earth, some believe the Times is running on empty,’The Observer’s Paul Harris writes.

Michael Wolff, media writer at Vanity Fair, said: ‘There is no way that this situation gets better for them.”

Atlantic Magazine’s Paul Hirschorn said of The New York Times’ reported $400m debt: ‘What if The New York Times goes out of business – like, this May?”

But Catherine Mathis, the paper’s senior vice-president, said: ‘The New York Times is in a better position than many others.”

The US newspaper industry is ‘in a disastrous state”, according to The Observer. The Seattle Post-Intelligencer / Seattle Times is up for sale, and the Chicago Tribune has filed for bankruptcy protection.

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