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New York Times sells Boston Globe at 93% loss
Posted By -NO AUTHOR- On 08/03/2013 @ 10:21 am In Front Page,Money,U.S. | No Comments
(BREITBART) — 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.
The Times announced in February that it was putting the Globe up for sale. News reports claimed that bids had been as high as $100 million. What might have sweetened the lower offer for the Times is that Henry offered a straight cash deal, which is expected to close sometime in September or October.
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