Wednesday, March 11, 2009

Today's Fly Or Die Commerce Report: The New York Times Sells Part Of Their Headquarters

In an effort to increase their cash flow, The New York Times sold part of their headquarters. In a reportedly $225 million deal, the newspaper sold 21 floors of their midtown Manhattan location to W.P. Carey & Co.- an investment company. They will now lease the property from its new owners.

The newspaper company is raising cash so they can pay off their debt, which peaked at over $1 billion in 2008.

The New York Times is also reportedly looking for a buyer to purchase their share in a company that owns the Boston Red Sox's baseball team.

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