Monday, March 01, 2010

NY Times dismisses stock gyration as mere 'internet rumors'

Big stock market moves today on news the NY Times might be sold were dismissed by the Times as no more than 'internet rumors'. Nevertheless, CNN notes today more Americans Times spokeswoman Diane McNulty said Monday afternoon. "...
  • (CNN) -- 3/1/10:"More Americans get their news from the Internet than from newspapers
or radio, and three-fourths say they hear of news via e-mail or updates on social media sites, according to a new report...by the Pew Internet and American Life Project.
  • That's compared with 54 percent who said they listen to a radio news program and 50 percent who said they read a national or local print newspaper."...
Reference CBS Marketwatch by Jon Friedman, 3/1/10, "NY Times not for sale today--sorry" via Poynter.org/Romenesko, stock chart from Marketwatch "The Times stock jumped more than 9% as an Internet-led rumor swept the media world saying that Times /quotes/comstock/13*!nyt/quotes/nls/nyt (NYT 11.67, -0.08, -0.67%) investor and Mexican billionaire Carlos Slim was eyeing an acquisition of the newspaper company. After Slim's spokesman denied the rumor and speculation waned, so did the stock's brief rally.

What's the message here?

Wall Street seems content to welcome any possibility that the Times will be acquired -- no matter how far-fetched or brief or threatening."...

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