This news is a few weeks old now, but I’ve been meaning to write about it since it was first announced. The New York Times is attempting to sell The Boston Globe. In 2009 the Times also tried to sell the Globe, but the best offer they got was $35 million (plus the taking on of pension liabilities, around $100 million or so). The Times is hoping to get $150-$175 million from the sale this time around. That seems like a lot of money until you consider that the Times bought the Globe for $1.1 billion in 1993. And then the internet happened. This quote from an article in the Globe about it’s own sale is pretty amusing:
“News of the intended sale is sure to spark a new round of speculation and uncertainty at the newspaper, which has withstood — better than many other metropolitan dailies — the challenges of more readers shifting to the Internet and a protracted drop in advertising revenues.”
Way to toot your own horn Globe, and good luck beating the internet. It just killed Newsweek a couple months ago. Even though it’s kind of sad to think about, print media definitely appears to be on it’s last legs.
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Article found on: Next Impulse Sports