Media Fairy Tales: Wealthy Colleges to Buy NYT
With The New York Times facing declining revenue and worse expectations, media watchers across the industry are developing strategies to prevent the Gray Lady from suffering the fate of The Wall Street Journal. The latest: colleges and universities to the rescue.
In the current issue of the Chronicle of Higher Education, Lee Smith, a former senior writer at Fortune, makes an impassioned plea that the seven wealthiest private universities should pool their resources to purchase the paper:
What if the Sulzbergers could sell their shares to a trustworthy investor, one that was interested in maximizing intellectual value rather than financial value? The endowments of the nation’s seven wealthiest private universities — Harvard University, Yale University, Stanford University, Princeton University, the Massachusetts Institute of Technology, Columbia University, and the University of Pennsylvania — would be that reliable proprietor.
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