company town

‘Times’ to Raise Cover Price 25 Cents


Arthur Sulzberger Jr., putting on a brave face. Photo: Patrick McMullan


• In an attempt to stay afloat as the economy withers, the New York Times is raising its cover price 25 cents, to $1.50. It’s also cutting more jobs. “We have seen the effects of the deepening economic slowdown, particularly in categories sensitive to the price of
oil — airlines, hotels, and autos — and we expect that will continue for some time,” Times president Janet Robinson said. [NYP]

• Hip-hopper Nas led a protest outside the News Corp. building, home of Fox News, calling for the network to “stop its racist smears against the Obamas and other black Americans.” The network’s response? “Fox News believes in all protesters exercising their right to free speech, including Nas, who has an album to promote.” [TV Newser]

• The number of correspondents is up to 7,500 on Arianna Huffington’s Off The Bus Website, her citizen-journalist initiative. The site has grown considerably since Mayhill Fowler’s two scoops: Barack Obama’s “bitter” comments and Bill Clinton’s “scumbag” remarks. [NYT]

• David Pecker’s American Media is facing a serious financial crunch in the coming months. [NYP]

• Former Wall Street Journal managing editor Paul Steiger says “the Journal is doing a terrific job” and that there’s not sign of the “bad Rupert showing up.” [Mixed Media/Portfolio]

• Credit Suisse’s earnings, which fell 62 percent, to $1.16 billion, still beat analysts’ expectations. The firm’s stock rose — just like Wachovia and Washington Mutual’s did after they reported their less-than-stellar second-quarter earnings — signaling to some that this might be the beginning of the end of the financial mess. [IHT]
• Citigroup isn’t planning on breaking up, despite noise from the peanut gallery calling for it to spin off its different units. [DealBook/NYT]
• The House passed a bill aimed at protecting mortgage giants Fannie Mae and Freddie Mac from collapse. President Bush says he will endorse the measure, even though he’s not thrilled about its inclusion of nearly $4 billion in grants for local government to buy and refurbish foreclosed properties. [NYT]

• Chanel Mobile Art will be landing in Central Park this fall. The temporary spaceshiplike structure, which will house works by contemporary artists, was designed by Zaha Hadid. It’s her first New York building. [NYT]
• A former city official is suing the city over damages to his Upper East Side apartment in the May 30 crane collapse. He’s seeking $150,000 in claims. [NYP]
• President Bush’s second cousin paid $13.95 million for a townhouse in the Village. [Real Deal]
• A nine-block section of the Hudson River Park opened yesterday after a $16.3 million reconstruction. It has a boardwalk, basketball court, and steel sculptures, along with newly planted foliage. [NYT]

• Attorney general Andrew Cuomo is said to be in talks with former AIG exec Hank Greenberg over charges that the insurance mogul improperly dressed up corporate books to show improved profits. [NYP]
• A lawyer and a law student are on a crusade to get the Alessi “Mandarin Citrus Juciers” removed from Pinkberry locations around the city — and from the planet as a whole. [Gothamist]
• A New York City–based lawyer is suing Delta Air Lines for $5 million after he was stranded in Paris for four days during an airport workers’ strike. [Newsday]

‘Times’ to Raise Cover Price 25 Cents