The New York Times took the opportunity of the second round of Clear Channel job cuts to pound the drums of fear about the potential for Clear Channel to go into default on its loans and be forced to “restructure”.
The NY Times knows a lot about that topic of losing advertising revenue and facing insolvency. It’s only still in business because it frantically sought cash to avoid its own demise, and ended up “marrying” a billionaire businessman from Mexico.
Newspapers and Radio Stations have a long history of contentious business relations. They both tend to sell advertising to the same groups of advertisers. Radio stations frequently use local newspapers as the “research” for their own news, and don’t credit the newspapers as the source of their own news.
The story itself is an accurate recitation of the facts about how Clear Channel got in its current mess. The final paragraph sums up the wishes of the NY Times:
Marci Ryvicker, an equity analyst at Wachovia who follows the radio industry, said, “If you have the opportunity and capital structure to take market share from your peers, you will be one of the surviving radio companies.”