The Boston Glub, glub, glub...
The reasons are in this thread.
Dream on....
Leni
These are the same people who tell Obama that his economic ideas are good.
At $70 mill, it’s still expensive fish wrap.
Calling John Henry I have some dice wonder if you would like to play also have a bridge for sale.
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.
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.
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 really overpaid
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.”
I’m sure both NY Times common stock holders are ecstatic.
That deal makes the NYT look like a big negative net worth...
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.
Must have been printed in a cursive font...........say, did you know ‘Damn Yankee’ is supposed to be TWO words?