NEW YORK TIMES SELLS BOSTON GLOBE AT 93% LOSS

Breitbart.com ^ | Aug. 3, 2012 | JOHN NOLTE

[libstripper]

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.

[BAW]

Anyone the the political leanings of John Henry? I’m searching around the internet working on a theory . . hmmmm . . seems like some of the metro newspapers are being bought up by more moderate Repubs. This happened in San Diego and appears to be close to happening in LA. It sure would be fun to know the Boston paper will be reporting truth rather than Obama talking points. We can hope . . .

Anyone know???

[EDINVA]

Read the article. The NYT retains the pension liability.

[a fool in paradise]

Bush’s fault. He tricked them into running those phony photos of “war crimes” that depicted “US troops” “rape-raping” “Iraqi prisoners/women” that actually came from a porno website.

The Boston Glob’s credibility was never the same after that.

Of course, it wasn’t much to begin with...

[BAW]

In the last 10 years, John Henry contributed just over $1 million to Democrats and $1000 to a Republican.

Here is my source: John Henry Political Contributions

Darn. I was hopeful . . . .

[Rocky]

So the Times apparently made about 5% per year on its investment over 20 years—before selling it at a 93% decline in value.

Any way they try to spin it, that's not a good investment. They lost their principal. (And gave up their principles long ago.)

[GOPJ]

I think a conservative newspaper with strong tight local circulation and coverage would work.

[libstripper]

He has no pension liability at all. The Slimes kept the whole $110 million.

[kempster]

It would have a better chance but, it wouldn’t take long for them to divide the base of the paper. We Conservatives are a fickle bunch you know.

[Iron Munro]

According to this INFLATION CALCULATOR , $1.00 in 1993 is now equal to $1.62 dollars in 2013.

That would make the $1.1 billion cost in 1993 equal to $1.78 billion today.

Subtract the $70 million received for the sale and you have an effective loss in value of $1.71 billion dollars.

Tack on the retained pension liabilities, "which are currently estimated at $110 million", and the loss goes up to $1.82 billion in 2013 dollars.

I can see why the NY Times thinks Obama is such a financial whizz-kid.

[Milton Miteybad]

Just so everybody is aware...T. Rowe Price & Associates, Inc. is a major shareholder (10.9 million shares, 7.37% of shares outstanding) in NYT. Last year, I decided I didn't need a clown outfit like T. Rowe Price, who is heavily invested in a steaming turd of a media company such as NYT handling any of my investments. So I moved what I had away from TRP to another brokerage that does not exhibit such a lack of investing acumen. At this point, I'm wondering why I didn't do it sooner.

I surely couldn't blame anybody who may have any assets with T. Rowe Price if they moved them, also. ;-)

[Right Wing Assault]

Leaked headline story of Sunday's Boston Globe:

"Hillary and Obama both dying of cancer! Hillary will drop out of race Monday! Obama resigns Monday! Hearing the news, Biden has died of a heroin overdose, so Ryan will become president Monday!"