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NEW YORK TIMES SELLS BOSTON GLOBE AT 93% LOSS
Breitbart.com ^ | Aug. 3, 2012 | JOHN NOLTE

Posted on 08/03/2013 10:10:28 AM PDT by 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.

(Excerpt) Read more at breitbart.com ...


TOPICS: Business/Economy; Crime/Corruption; News/Current Events
KEYWORDS: globe; loss; sale; times
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To: libstripper

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???


41 posted on 08/03/2013 12:22:50 PM PDT by BAW (You stay classy, San Diego.)
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To: Gay State Conservative

Read the article. The NYT retains the pension liability.


42 posted on 08/03/2013 12:33:00 PM PDT by EDINVA
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To: Revolting cat!

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...


43 posted on 08/03/2013 12:37:31 PM PDT by a fool in paradise (America 2013 - STUCK ON STUPID)
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To: 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 . . . .

44 posted on 08/03/2013 12:38:50 PM PDT by BAW (You stay classy, San Diego.)
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To: 9YearLurker
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.)

45 posted on 08/03/2013 12:57:27 PM PDT by Rocky (Obama is pure evil.)
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To: kempster

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


46 posted on 08/03/2013 1:29:54 PM PDT by GOPJ (Sob stories make bad law...)
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To: Gay State Conservative

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


47 posted on 08/03/2013 1:35:07 PM PDT by libstripper (A)
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To: GOPJ

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.


48 posted on 08/03/2013 1:42:07 PM PDT by kempster
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To: libstripper
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.


49 posted on 08/03/2013 1:55:09 PM PDT by Iron Munro (They Old. That's Old School People. We In A New School, Our Generation)
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To: Iron Munro
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. ;-)
50 posted on 08/03/2013 2:30:31 PM PDT by Milton Miteybad (I am Jim Thompson. {Really.})
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To: libstripper
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!"

51 posted on 04/09/2016 7:58:16 PM PDT by Right Wing Assault (Don't call them Daesh OR ISIS or ISIL, they are always "ISLAMIC State.")
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