Skip to comments.Boston Globe, once bought for $1.1 billion, sells for $70 million
Posted on 08/03/2013 3:59:20 AM PDT by John W
BOSTON -- The New York Times Co. says it has agreed to sell The Boston Globe to the principal owner of the Boston Red Sox for $70 million, a massive drop from the record $1.1 billion it paid for it.
Times spokeswoman Eileen Murphy confirms the sale of the Globe and other media properties to businessman John Henry.
The Times bought the Globe in 1993. Newspapers have faced difficulties in recent years as advertisers have moved more ads online.
The Times announced in February it was putting the Globe up for sale. The company's CEO said at the time selling the Globe would help the company focus attention on The New York Times brand.
Henry says the Globe's "award-winning journalism" and "its rich history and tradition of excellence" have established it as one of the most well-respected media companies in the country.
How much are buggy whips going for these days?
In true, anti-capitalist style.
One of the top maggots on the corpse.
Why would anyone buy a newspaper? Either a single copy or an entire company neither makes any sense.
A bargan for an anti capitolist liberal progressive
Advertising has moved on, and that was a major source of funds for newspapers.
Then the Media turned into a DNC operation. You cannot continuously antagonize half of your readership and stay in business.
But if a paper were to pay attention to the happenings of the world in a fair manner it could perhaps be saved and become of some value.
The building is probably worth more than that.
If they pay more than a bag us used baseballs, they got ripped off.
The New York Times is antiprogressive. The sale of the Globe means no more capital gins taxes for life.
Some teams go to extreme lengths to buy favorable press coverage. Think the Globe will be critical of the Sawx now?
Oh, is that so? No other reason, I guess. Well, let's ignore their political stances which turn off a lot of people; that has nothing to do with the situation.
I doubt that there is a newspaper left in America that is worth the paper that it is printed on.
I bid two bits.
Print newspaper’s major problem is with efficiency of delivery. Even with those organizations which published both morning & evening editions, there was a 12 hour delay is delivery times. Then there are the costs of getting the news to the customer (newsprint, presses & labor, paper delivery chain labor and add-on profits. etc.).
Radio and later television were the first major blows to the newspaper industry, increasing frequency of news delivery. Television added the element of “if a picture is worth a thousand words, how much more effective is a video clip”? Cable news channels hammered them even further with continuous delivery of news. Then along came the internet & computers providing on-demand, customer selective news, ads & features. It appeared that things could not get any worse for the newspaper industry.
Wrong! The smart phone took all of the befits of internet & computer delivery of news and made them totally on-demand by finishing the portability trend started by the laptop and expanded by the tablet.
Few people keep parrots or clean their own fish any more. Plastic tarps are cheap and don’t let paint soak through. Paper mache is about the only use left for newspapers. Oh, and there are still flies to swat and the occasional recalcitrant dog to discipline.
The awards came from other left wing journalists, and are worth nothing.
Boston Snow Globe
Actually they do a pretty good job of washing windows without leaving smears.
I have always said that the only reliable facts in the Boston Globe are the ball scores and even then you need to find another source.
Just doing the math, that’s a -12.9% ROI over 20 years.
Stupid ought to hurt. Too bad they were able to cover it up for so many years.
Annual ROI, I should have said.
Its worth however much scrap metal is in the presses.
The crossword puzzle?
I wouldn’t give a wooden nickle for it!
Wouldn’t bother wrapping fish n’ chips in that rag. If I was camping out though, I would use it to wipe the the old you know whatsy. Love you freepers. That’s my ten cents worth from the land down under. 100 per cent Aussie beef.
Anyway, these newspaper vending boxes are going the way of pay telephone booths. Besides, they charge so much these days that most people don't have the pocket change to buy one even if they wanted to.
The newspaper industry is in its dying throes. In 1994, you could still rent a videotape at a corner drugstore but you just knew that industry was on its way out, especially when the selections were "Karate Kid", "Toto - Live in Concert" and "Ernest Goes To Camp."
Well you can still buy a newspaper but you might want to shrink wrap it and put in up in your attic. Might be a collectors item someday, when our grandchildren grow up and want to see what a printed newspaper looked like. They will gaze at it in puzzled fascination in the same manner that we like to see "Mad Men" on TV when women used to wear dresses to work and men wore those funny looking fedora hats when they went outside. (Two cheers for having mini-bars in your office at work!)
Speaking of advertising ("Mad Men"), the newspaper is quickly becoming irrelevant. If you want to sell your boat (and what boat owner doesn't?), you would post your ad on Craigslist or some other website like that. Not in your local newspaper, which nobody reads. Or at least not anybody with enough money to buy a boat.
About the only newspaper worth anything these days is the Wall Street Journal and they appear to have stayed ahead of the curve with respect to having an online presence. Their web-based newspaper is first rate. But even they try to get you to take their print edition as well, even though the WSJ print edition is difficult to ready on my backyard picnic table because the wind keeps blowing it all over the place and bugs climb all over it. It's also tough to turn the pages and get them back folded again where it looks neat and tidy. It's so much better to just take my tablet to the picnic table and read the WSJ that way.
Yesterday my wife told me she ran out of paper to line the bottom of the bird cage. I told her I’ll pick up a Globe Saturday.
One of my local papers, (Pittsburgh) Tribune-Review is pretty good. Owned by Richard Mellon Scaife.
The Boston Glub, glub, glub...
That was a VERY intelligent, informed post. You're right. Conservatives need to loudly and belligerently accuse the NYT of being tax dodgers.
The reasons are in this thread.
Conservatives should go after the newspaper companies for killing trees and causing pollution.
For companies that support conservative values, give them exemptions. For companies the support the liberal agenda, it is obvious that they are destroying the environment and need to be closely regulated.
Drive the left mad.
They sell them in books :)
I forgot that excellent use for old newspaper! It must be time to clean the windows again...
It’s hard to find an old newspaper around my house I don’t buy them, but there is a free County Paper that I get save for that purpose.
I have tried every brand of smear proof window cleaner that you can name on the windshield of my car, but early morning and late evening the smears always come back.
Auto windshields are almost impossible to get rid of smears when the sun hits them right.
Don’t forget it comes inhabited with reporters.
And they catch bird poop fairly well also
I haven't bought a paper in over 15 years and I can't see any reason to ever buy another.
I HAVE seen maybe 3 or 4 in that time when visiting a friend or something.
I'd rather read the computer screen where I can enlarge the font for my weakening eyes.
These are the same people who tell Obama that his economic ideas are good.
At $70 mill, it’s still expensive fish wrap.
Whoever sold the globe to the times made out like a bandit.
They aren't bad for starting the wood stove. Probably less toxic than plastic-wrapped paraffin.
Consider that the inflation adjusted purchase came closer to $1.8 billion, this $70 million “fire sale” is a real haircut for the NYT. Next on the block? The NYT.
In the office building I manage security sets the papers out each morning for the tenants who subscribe to them. 1 copy of the New York Times. 3 copies of the Atlanta Journal Constitution. 7 copies of the Atlanta Business Chronicle. 35 copies of the Wall Street Journal.
Compare it to the decline in the stock price of the NY Times over the same period..it’s quite similar...remarkably so
'Course, once the winter really sets in, the fire doesn't go out until spring thaw.
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