The separate sales of The Boston Globe and Newsweek,
announced over the weekend by The New York Times Co. and IAC, respectively,
offer benchmarks for charting print’s dramatic decline over the last decade, as
both audiences and advertising revenues have dwindled to a fraction of their
former size.
NYTCO announced Saturday that it was selling The Boston Globe and other properties in its New England Media Group, including the Worcester Telegram & Gazette, to Boston Red Sox owner John W. Henry for a total $70 million. Henry beat out other bidders, including Robert Loring, owner of The Tampa Tribune, and Ben and Steve Taylor, members of the family which owned the Globe before NYTCO.
That price represents a 93.6% discount over the $1.1 billion paid for the newspaper in 1993, although the new price tag doesn’t include expenses in the form of liabilities like future employee benefits and debt.
NYTCO announced Saturday that it was selling The Boston Globe and other properties in its New England Media Group, including the Worcester Telegram & Gazette, to Boston Red Sox owner John W. Henry for a total $70 million. Henry beat out other bidders, including Robert Loring, owner of The Tampa Tribune, and Ben and Steve Taylor, members of the family which owned the Globe before NYTCO.
That price represents a 93.6% discount over the $1.1 billion paid for the newspaper in 1993, although the new price tag doesn’t include expenses in the form of liabilities like future employee benefits and debt.
