The NYT would be confident in the sourcing of its information if it was rushing something to press. PrivCo's "source" (generously stipulating it exists) didn't even know who LS's investors were.
"When a news organization has what they
think is a "scoop" and reaches out to confirm
info with a company what is the normal time to
wait for a reply before running with the story?
I understand each organization has different
standards and each situation is different.
What are the guidelines or standards that
you have seen after a PR depart at a company
has been contacted for comment?"
Here was the answer from someone at the NYT (for at least 10 years) that has done front cover pieces and covered startups (among other things):
"It really depends on the topic, the competition and who's being asked to comment. If I called someone like you (business owner) and you didn't at least acknowledge my inquiry within a day -- perhaps asking for more time -- and it was a big scoop, I might not wait much longer. But if I had big news about a government agency or large multinational corporation with many layers, then some topics would merit more time for a response. There are a lot of variables though ... if the CEO of a large corporation got busted for drunk driving and killing someone, that's more time-sensitive than asking for comment about a long-term investigation into fraudulent practices at the company. And as you said, different media outlets have different standards."
