Did You Know...

   

New York Times sells Boston Globe at 93 percent loss, returns to advising America how economy should be run

Share
By Doug Powers  •  August 3, 2013 12:43 PM

**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:

null

Here’s one analysis of the sale:

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

Twitter @ThePowersThatBe

blog comments powered by Disqus

CNN fires back at Trump’s ‘fake news’ accusations with this bombshell

March 23, 2017 07:59 AM by Doug Powers

mediabias

Trump & CNN have a stair-down

Lean Floor-ward: 4 million viewers watched Rachel Maddow step on a Trump rake Wednesday night

March 16, 2017 05:30 PM by Doug Powers

maddow

Proof-positive America’s starved for a good sitcom

MSNBC’s big scoop on Trump’s taxes backfires yugely

March 14, 2017 10:06 PM by Doug Powers

roadrunner

Point and laugh

CNN’s snowstorm coverage makes major play for Edward R. Murrow award

March 14, 2017 11:30 AM by Doug Powers

cnndrive

Your morning commute, recreated


Categories: Abortion, Media Bias, Washington Post

Follow me on Twitter Follow me on Facebook