To get the real story, please read the Breitbart report on this fiasco, available here:
Neither the AP report nor the Times’ own report, which is linked at comment no. 16, reveals the following, highly damaging facts that are revealed by Breitbart:
1) as per Breitbart:
“In 2011, the Times turned down a $300 million offer from Aaron Kushner, CEO of Freedom Communications, Inc., publisher of the Orange County Register and other newspapers in California. This offer even included the assumption of pension liabilities, which are currently estimated at $110 million.”
2) Although the Times article, linked at 16, admits that the pension liabilities weren’t assumed in this $70 cash deal, it does NOT state the amount of those liabilities, “which are currently estimated at $110 million.”
3) The Times’ total loss on this transaction is the entire original $1.1 billion it invested plus another $40 million that comes from subtracting the $70 million cash it receives from the $110 million pension liability it remains stuck with.
There ought to be a good shareholders’ derivative suit suit from this against little Pinch and the other management double domes who turned down a $300 million deal that included assumption of the Globe’s pension liabilities.
They would rather go bankrupt than sell to a conservative