The New York Times Company (NYT) is so strapped for cash that it has been forced to put its Falcon on the block. How will journalism survive?
Meanwhile, CEO Janet Robinson doubled her own comp last year, to $4.4 million.
(In keeping with the rest of its business moves over the past few years, by the way, the NYT will likely lose at least 50% of its investment in the Falcon.)
Holly Sanders, NY Post: According to private jet brokers the aircraft in question is a Dassault Falcon 50EX, a midsize corporate jet with nine cabin seats, four armchairs, a lounge area and a sofa bed.
The Times put the plane on the market in mid-January. The asking price is $9.5 million, although the going price is probably closer to $8 million, brokers said.
Unfortunately, the market for corporate jets has tanked, along with the rest of the economy. Big banks and automakers have also been shamed into grounding their private fleets after taking taxpayer dollars, further reducing the pool of buyers.
The Times purchased the Falcon in 1998 for around $17 million.
There are currently 16 of the same model on the market, and the grey Lady’s aircraft is the oldest of the bunch.