MICKEY KAUS: “Maybe Murdoch Bid on the Wrong Company: New York Times stock falls below $20 a share, down from $50 in 2002. … Soon even Ron Burkle will be able to buy the place!”

UPDATE: Reader George Zachar emails:

Shareholder equity in the New York Times company is roughly $825 million. That’s about the value of the Times’ interest in its new headquarters tower opposite the bus terminal. The implicit value of the Times newspaper and other properties is therefore zero.

I blame excessive ad-discounting.