NYT's 2008 Revenue Crisis
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Scott Galloway shares his experience being on the New York Times board during the 2008 financial crisis.
"I went and raised $700 million and became the largest shareholder in the New York Times and went on the board there. Timing is everything - I went on the board in March of 2008 and the stock went from 16 to 3 in about 5 months.
I was losing 10 or 12 million dollars of other people's money every day and we almost lost the business. The company almost went bankrupt. In the world of media, people just stopped advertising - they just stopped. It was like our tap of revenue just got turned off during the great financial recession.
It kind of ended my career in activism because one, I don't think I was very good at it, and two, I was getting to a stage in my life where I just didn't want to be combative anymore. I didn't want to go to war with CEOs. I was just exhausted by being an antagonist."
Scott Galloway
Professor at NYU Stern School of Business, teaching brand strategy and digital marketing to MBA students. Entrepreneur who has founded multiple successful companies, including Red Envelope.
Co-host of the popular 'Pivot' podcast with Kara Swisher and host of 'The Prof G Pod with Scott Galloway'. Author of several books, including 'The Algebra of Wealth', and currently writing a book about masculinity.