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Boston Globe sold for $70 million
Owner of the Boston Red Sox buys the Globe for less than 10 percent of what the NY Times paid ten years ago. Times keeps the unfunded pension liabilities. As I commented before, the purchase of the Globe would be worth it if you could strip out the assets and sell them. Otherwise, it's a bad deal.
From TFA: |
The Boston Globe, one of the most prestigious US newspapers,
is being sold for a fraction of what it was worth 20 years ago.
The New York Times company bought it for $1.1bn (£700m) in 1993 but has now agreed to sell it for $70m.
Like many US newspapers, the Globe has been hit by a slump in advertising revenue with circulation declining.
The buyer is John W Henry, the main owner of the Boston Red Sox baseball team and Liverpool Football Club.
| So he has money to burn... |
In a statement in the Globe, Mr Henry praised the paper's journalistic pedigree: "The Boston Globe's award-winning journalism as well as its rich history and tradition of excellence have established it as one of the most well-respected media companies in the country."
Mr Henry, 63, estimated by Forbes to be worth $1.5bn, made his fortune from financial investments.
Posted by: badanov 2013-08-03 |
