The Scratching Post documents the effects on the New York Times of “Compromising National Security as a Marketing Strategy.” The chart below shows the NYT’s stock price over the last five years:
From a business standpoint, the Times’ embrace of far-left politics on page one has been a disaster. I’m reminded of the analysis Michael Medved did years ago, showing that the movie studios’ preference for R-rated and X-rated movies is not driven, as popularly believed, by economics. Newspapers like the Times, just like Hollywood, are willing to sacrifice their own economic interests in service of what they think is a higher value. I wonder, though, whether the owners of the Times Company’s Class B shares, to whom the Sulzberger family owes a fiduciary duty, share the paper’s disdain for profit.