Real estate mogul Donald Trump is holding meetings about buying out The New York Times according to New York Magazine. The shares of The New York Times moved only slightly lower in early trading, which means that investors were not taking the NY Mag report about Donald Trump buying the company seriously at all. The New York Magazine even described the acquisition as “improbable.”
The New York Times has been struggling financially for years since print has massive overhead and people are starting to prefer digesting news online. The New York Times has a significant amount of debt to deal with also. The majority of The New York Times’ voting shares are controlled by the Sulzberger family. The Sulzberger family insists that they have no interest in selling control of the company. Donald Trump’s office did not comment on the report, but they did not rule out that it could happen.
“I have watched Mr. Trump over the years navigate much tougher acquisitions,” stated Trump’s special counsel Michael Cohen. “Mr. Trump is so smart and so rich that if he wants it, he will get it. If Mr. Trump elects to purchase the New York Times, commits his time and resources, there is nothing he can’t buy.”