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New York Times Sells Boston Globe at 93% Loss

schwit1 (797399) writes | about a year ago

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schwit1 (797399) writes "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 Sox have come back, maybe he can do the same for the Globe."

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