His goal is to make the Times’ transition from print to Internet as smooth as possible:
Despite his personal fortune and impressive lineage, Arthur Sulzberger, owner, chairman and publisher of the most respected newspaper in the world, is a stressed man.
Why would the man behind the New York Times be stressed? Well, profits from the paper have been declining for four years, and the Times company’s market cap has been shrinking, too. Its share lags far behind the benchmark, and just last week, the group Sulzberger leads admitted suffering a $570 million loss because of write offs and losses at the Boston Globe.
As if that weren’t enough, his personal bank, Morgan Stanley, recently set out on a campaign that could cost the man control over the paper.
Given the constant erosion of the printed press, do you see the New York Times still being printed in five years?
“I really don’t know whether we’ll be printing the Times in five years, and you know what? I don’t care either,” he says.
Sulzberger is focusing on how to best manage the transition from print to Internet.
“The Internet is a wonderful place to be, and we’re leading there,” he points out.
The Times, in fact, has doubled its online readership to 1.5 million a day to go along with its 1.1 million subscribers for the print edition.
I don’t think I’ve sat down to read a print newspaper in at least several years.