The numbers:

According to the Times's Q308 10-Q, the company spends $63 million per quarter

on raw materials and $148 million on wages and benefits. We've heard the wages

and benefits for just the newsroom are about $200 million per year.After

multiplying the quarterly costs by four and subtracting that $200 million out, a

rough estimate for the Times's delivery costs would be $644 million per year.The

Kindle retails for $359. In a recent open letter, Times spokesperson Catherine

Mathis wrote: "We have 830,000 loyal readers who have subscribed to The New York

Times for more than two years." Multiply those numbers together and you get $297

million -- a little less than half as much as $644 million.And here's the thing:

a source with knowledge of the real numbers tells us we're so low in our

estimate of the Times's printing costs that we're not even in the ballpark.

If those figures grossly understate the difference, what future do newspapers have?

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