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Boston Globe, once bought for $1.1 billion, sells for $70 million
AP via nbcnews.com ^ | August 3, 2013 | AP

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.


TOPICS: Front Page News; News/Current Events; US: Massachusetts; US: New York
KEYWORDS: bostonglob; cultureofcorruption; dinosaurmedia; msm; nyettimes; yellowjournalism
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To: abb

Did you notice the “one little line” that the new owner doesn’t have to assume the Globe’s pension liabilities. The Times is stuck with those..estimates could put it as much as $50 mill


51 posted on 08/03/2013 6:52:25 AM PDT by ken5050 (My tagline is on summer break..)
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To: NonValueAdded; All

If Henry wanted to throw away $70 mill, he could have bought A-Rod’s contract from the Yankees..it would be a better deal than the Globe.


52 posted on 08/03/2013 6:57:18 AM PDT by ken5050 (My tagline is on summer break..)
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To: FreedomPoster

$1.1 Billion in 1993 is equivalent to $1.75 Billion today so the loss is bigger.


53 posted on 08/03/2013 7:05:32 AM PDT by Perdogg (Cruz-Paul 2016)
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To: FreedomPoster

Even worse: “Under the terms of the sale, NYT reported, Henry will not have to assume costly pension liabilities.”

The NYTimes will fiercely lead the media’s battle to have taxpayers assume pension costs LOL!


54 posted on 08/03/2013 7:08:00 AM PDT by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat Party!)
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To: Perdogg

-14.9% annual ROI over 20 years, given your number.


55 posted on 08/03/2013 7:09:10 AM PDT by FreedomPoster (Islam delenda est)
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To: NonValueAdded

A few years ago, wasn’t the bidding in the $30M range?


56 posted on 08/03/2013 7:44:51 AM PDT by Calvin Locke
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To: John W

Calling John Henry I have some dice wonder if you would like to play also have a bridge for sale.


57 posted on 08/03/2013 7:49:46 AM PDT by Vaduz
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To: Yo-Yo
I read that joke in the Boston Globe twenty years ago. A variation, anyway.

They had a feature of Twenty Questions for whatever celeb was in town, and Richard Branson was asked that same question. "Easy, start with a billion, and buy an airline."

(I was in b-school, and one case was on airlines that week...)

58 posted on 08/03/2013 7:56:25 AM PDT by Calvin Locke
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To: raccoonradio; Gay State Conservative
Boston GLOB ping...

The Glob was sold to John Henry, principle owner of the Red Sox! Watch the paper take an ever harder left turn now...

I guess the Red Sox writers can all breathe easier now though... sounds like job security for them.

59 posted on 08/03/2013 9:31:15 AM PDT by nutmeg (Rest in Peace, FReeper Extraordinaire Doctor Raoul...)
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To: Jim Noble; knarf
They aren't bad for starting the wood stove.

We get one newspaper a week, the Sunday paper for the crossword puzzles, and I go thru it and save all the pages that have no - or very little - colored ink on them. My woodstove goes from mid November until mid-March, and I only let it die every 3 weeks or so when I go out on the roof and ream/clean the stovepipe. Likewise, it saves approx. 50% of heating costs.

60 posted on 08/03/2013 9:45:50 AM PDT by Lancey Howard
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To: John W

I think that in the last 20 years I’ve bought a copy of Pravda On The Charles about a half dozen times.And in the last 5 years I haven’t bought a single copy.At my condo complex (located in a *very* left wing,and reasonably comfortable,town) only *one* unit of the 12 in my building has a newspaper delivered and that unit only gets it on Sunday.


61 posted on 08/03/2013 9:53:14 AM PDT by Gay State Conservative (If Obama Had A City It Would Look Like Detroit.)
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To: John W; All

To get the real story, please read the Breitbart report on this fiasco, available here:

http://www.breitbart.com/Big-Journalism/2013/08/03/New-york-times-sell-boston-globe-at-93-percent-loss

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.


62 posted on 08/03/2013 10:01:20 AM PDT by libstripper (A)
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To: John W

They really overpaid


63 posted on 08/03/2013 2:13:27 PM PDT by GeronL
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To: MinuteGal

I used to love the newspaper medium. As a kid I would compare the Dallas Morning News and Dallas Times-Herald and whatever other paper was available.

I haven’t paid for a paper in more than a decade I think.


64 posted on 08/03/2013 2:20:44 PM PDT by GeronL
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To: ken5050
Did you notice the “one little line” that the new owner doesn’t have to assume the Globe’s pension liabilities. The Times is stuck with those..estimates could put it as much as $50 mill

SO this is really just a $20M deal for the NYT?

65 posted on 08/03/2013 2:28:48 PM PDT by GeronL
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To: libstripper
“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

They would rather go bankrupt than sell to a conservative

66 posted on 08/03/2013 2:30:25 PM PDT by GeronL
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To: John W

John Henry confirmed that total assets under the firm’s management had fallen from $2.5 billion in 2006 to less than $100 million as of late-2012.

Henry had initially been among a group of partners who had joined in bidding on The Globe properties, but ended up agreeing to acquire them individually. However,The Times story reported him saying: “In coming days there will be announcements concerning those joining me in this community commitment and effort.”


67 posted on 08/03/2013 2:33:08 PM PDT by kcvl
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To: John W

I’m sure both NY Times common stock holders are ecstatic.


68 posted on 08/03/2013 2:53:27 PM PDT by RetiredTexasVet (The only growth industries left under Progressives are government and poverty.)
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To: John W

That deal makes the NYT look like a big negative net worth...


69 posted on 08/03/2013 4:06:24 PM PDT by Stayfree (If it is left, then it can't be right!)
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To: John W

I was getting my oil changed and picked up a copy of the local paper, I was surprised to see that it was a third less in width and only eight pages of print in big type.


70 posted on 08/03/2013 6:38:06 PM PDT by razorback-bert (I'm in shape. Round is a shape isn't it?)
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Must have been printed in a cursive font...........say, did you know ‘Damn Yankee’ is supposed to be TWO words?


71 posted on 08/03/2013 9:13:36 PM PDT by S.O.S121.500 (NUKE their Black Rock and execute any and all who protest....Repeat.)
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To: fieldmarshaldj
"I bid two bits."

Wait a couple more years and that will probably top the bids...

The Pontiac Silverdome sat on 127 acres, cost > $1/4 billion (2013 dollars), and sold for just over $1/2 million.

72 posted on 08/04/2013 8:41:29 PM PDT by uncommonsense (Liberals see what they believe; Conservatives believe what they see.)
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To: SamAdams76
"Does anybody remember those metal newspaper vending boxes that used to be everywhere? You would put a quarter or two into the box, pull a handle, and take out a newspaper."

That's funny, I thought you were going to say

"put a quarter or two into the box... and take out a handful of newspapers"

Oh for the days when a newspaper stayed in your yard and the milk bottles stayed on your porch until you fetched them!

73 posted on 08/04/2013 8:50:32 PM PDT by uncommonsense (Liberals see what they believe; Conservatives believe what they see.)
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To: uncommonsense

“put a quarter or two into the box... and take out a handful of newspapers”

Another reminder of my miss-spent youth. Had a paper route for MANY years. Every so often you would be short. Either a mistake on the company, or another carrier taking some of your papers if they were short.

Would ride the mile on my bike to the corner store, and drop in a quarter and take however many I was short. Then submit my paperwork that I had to go out and “buy” four newspapers so they could repay me! Although I seem to recall in my later years that I figured out the paperwork wasn’t worth it.


74 posted on 08/04/2013 8:59:45 PM PDT by 21twelve ("We've got the guns, and we got the numbers" adapted and revised from Jim M.)
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To: ken5050
Grrraate! Guess us producing taxpayers will pick up the tab for this mess - along with the hundreds of billions of other failed union / liberal boondoggles:

Pension Benefit Guaranty Corporation

"The Pension Benefit Guaranty Corporation protects the retirement incomes of more than 44 million American workers. Find out more about us, including how we're governed, how we're organized, and the customers we serve."

75 posted on 08/04/2013 9:03:47 PM PDT by uncommonsense (Liberals see what they believe; Conservatives believe what they see.)
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To: uncommonsense

Your link notes that the Pension Benefit Guaranty Corporation does not insure state, county or local plans, i.e. Detroit.


76 posted on 08/04/2013 9:40:28 PM PDT by Kennard
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To: Kennard
There are 2 types of plans - single and multiemployer plans. The multiemployer plans cover all sorts of unions:

"Under Title IV of the Employee Retirement Income Security Act of 1974 (ERISA), the Pension Benefit Guaranty Corporation (PBGC) administers two very different pension insurance programs—one covers single-employer plans and the other covers multiemployer plans. These programs are separately funded and maintained."

Check out their data books to see how union companies and national unions have tanked the security of their workers: Pension Insurance Data Books

77 posted on 08/04/2013 11:03:15 PM PDT by uncommonsense (Liberals see what they believe; Conservatives believe what they see.)
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