Did you catch the news last week that the Boston Globe is being sold? John Henry, the principal owner of the Boston Red Sox purchased the paper from the New York Times Company which had owned the Globe since 1993. Included in the sale were the websites boston.com and BostonGlobe.com as well as the Worcester Telegram & Gazette newspaper which the Times had purchased in 1999.
The numbers are interesting: the Times paid $1.1 billion for the Globe in 1993 and $295 million for the Telegram & Gazette in 1999. Henry is paying $70 million for the whole package. To put that in some kind of perspective, that’s like buying a house in 1993 for $110,000, putting a $30,000 addition on it in 1999 and then selling your $140,000 investment for $7,000 in 2013. Am I missing something?