**Written by Doug Powers

So much for having an all-knowing Nobel Prize-winning progressive economist on your staff.

From Big Journalism:

After purchasing the Boston Globe in 1993 for a then-record $1.1 billion, the financially troubled New York Times just announced it sold the 141 year-old paper to Boston Red Sox owner John Henry for a mere $70 million. That’s a straight 93% loss. Figuring in two decades of inflation would only make it worse — as does the fact the Times retains the Globe’s pension liabilities, estimated at over $100 million.

Rumor has it that the only reason John Henry bought the Boston paper was because of an emotional “for sale” ad the NYT ran in the Globe to spur bids:

Here’s one analysis of the sale:

NYT shrewdly sells Boston Globe for a 93% loss. Please lecture us more about how we should run the economy.—
Razor (@hale_razor) August 03, 2013

The old school dinosaur media in general is dead but won’t lie down:

The Globe is not the only paper to sell for a heavily discounted price. In April 2012, Philadelphia’s newspapers sold for $55 million after selling for $515 million in 2006. In October, The Tampa Tribune sold for $9.5 million. During recent talks about the sale of the Tribune Company’s portfolio of newspapers, analysts estimated that the entire newspaper company, including The Los Angeles Times and The Chicago Tribune, was worth only $623 million.

And dropping every day.

**Written by Doug Powers

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