It's not just Sam Zell, of course. The entire newspaper industry is under siege.

The plight of print is underscored by the news that the New York Times Co. is planning to borrow as much as $225 million against its headquarter building in midtown Manhattan.

The newspaper company has a $400 million revolving line of credit that expires in May.

The move comes several weeks after the company slashed its dividend in an effort to conserve cash.

New York Times Co. owns 58 percent of the Renzo Piano-designed building (floors 2 through 27; Forest City Ranter owns the rest of the 52-story building). The company has been criticized for putting too much of its capital into the headquarters at the peak of a Manhattan commercial real estate boom.

Still, the New York Times Building, which opened last year, is nearly at full capacity, with a number of law firms like Goodwin Proctor, Seyfarth Shaw, and others among the tenants.