What the ‘Golf Club’ Podcast Means to the Business of the New York Times

The New York State Department of Financial Services is expected to announce Thursday that it has approved a plan to buy out the struggling newspaper.

The deal, which is expected for approval by the full state legislature, will take effect after the November election.

The news comes just as the newspaper faces a potential shutdown, after the financial collapse of 2009 and a $6 billion bailout from the Federal Reserve. 

The news is not good for the Times.

It has been a major financial supporter of the Times and its business and its owner, New York Post Co. The company’s stock is up more than 60% in 2017, the largest rise since 2013, after it reported a quarterly profit of $9 billion in April. 

In addition, the Times was a major donor to Democratic candidates in the last midterm elections, including New York City Mayor Bill de Blasio, who was a co-chair of the newspaper’s election coverage. 

On Wednesday, the company reported that it paid $2.1 billion to settle charges that it illegally solicited donations from the government to support a political candidate in a state election in 2010.

The Times has acknowledged that the payments were improper. 

“The company made its mistake and has apologized,” said Michael T. Cohen, a Times spokeswoman.

“It has also committed to working with regulators to ensure the public will continue to have access to news that is accurate and independent.” 

The New York News Corp. bought the Times in 1999 for $3.9 billion. 

Cohen declined to comment on the financial terms of the deal, saying the deal would be discussed in the near future. 

This story was originally published by The New York Times and is republished here with permission.

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