News

New York Times sells its Private Jet

The New York Times (NYT) is selling its corporate jet in an effort to raise much-needed revenue.

As confirmed by the New York Post, the renowned newspaper publisher will be selling its 12-year-old Dassault Falcon 50EX—a midsize private jet equipped with nine cabin seats, four armchairs, a lounge and a sofa bed.

As of last January, the jet was priced at $9.5 million in the resale market. However, brokers asserted that the going rate for the model will be around $8 million, less than half of the Falcon’s brand-new price.

The price of the plane was dragged down by an unfavorable economy, amplified by negative public opinion.

As of late, big companies have been forced to ground and in some cases sell its private jets to generate revenue.

The New York Times Dassault Falcon 50EX had been grounded for the past few weeks to minimize the company’s expenditures. The newspaper has more than $1 billion worth of debt, as reported by the NY Post.