RE:La Times sale todayYes, another billionaire has acquired a significant newspaper in a major market. You’re never quite sure how that plays out in the heads of the Voting Trust members. Do they overplay their hands thinking some other billionaire will overbid FFH?
You have to know they are stupid enough to believe that as Honderich is most assuredly filling their vacuous heads with the notion that time is on their side. Nothing could be further from the truth, but nothing from their past actions would suggest they are smart enough to know they are being played.
It it is becoming a billionaire’s club to afford to own a major metropolitan daily newspaper. David Thomson can afford to indulge himself in owning The Globe and Mail. Godfrey and Honderich can’t and time has proven that to be true.
Debt is their enemy and when the run out of assets to sell they will be forced to sell. If they wait too long they will lose whatever leverage they think they have and will be forced to sell for a fraction of its current value.
We can only hope they see the writing on the wall and do the right thing for shareholders and employees.