The family has bet, correctly, I think, on the Times, and this is a worst-case scenario. But it doesn’t have much cushion now, having shed businesses like that threw off tens of millions of dollars a year in free cashflow.

And the newspaper industry is plenty used to worst-case scenarios now.


Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at