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Idle Chatter Mortgage Time At The Times

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by Jeff Bercovici
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Dec 08 2008 8:40am EDT

Idle Chatter: Mortgage Time at the 'Times'

-The New York Times Co. plans to take out a mortgage on or sell a stake in its new headquarters building to ease an anticipated cash crunch. [NYT]

-Days after his name leaked, David Gregory has finally been confirmed as the new host of Meet the Press. NBC News has also extended the contract of executive producer Betsy Fischer. [MSNBC]

-TV Guide's new owners say it will be profitable by the end of next year. Also, they're a little annoyed at reports that the magazine sold for $1, considering they also took on $70 million-plus in subscription liabilities as part of the deal. [NYT]

-Pretty much everyone who pays attention to the advertising industry is expecting to see widespread layoffs on Madison Avenue early next year. [NYP]

-And no wonder: ZenithOptimedia is forecasting a 6.2 percent drop in U.S. ad spending in 2009. WPP's GroupM expects spending to fall 3 percent. [WSJ]

-Speaking of layoffs, media companies have eliminated some 30,000 jobs this year. [Ad Age]. □

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