NYT Tries Again to Sell Off Struggling Boston Globe
The New York Times Company, owners of the Boston Globe newspaper, is once again trying to find someone to take the struggling Massachusetts newspaper off its hands.
The Times previously tried to sell the Globe in 2009 but canceled the sale process after it received concessions from is unions (love the irony there).
More from Reuters:
The sale is expected to come at a big loss. Ken Doctor, an analyst with Outsell Research, estimated that the Globe could fetch about $150 million. The New York Times paid $1.1 billion for the newspaper in 1993.
The New York Times is putting all its effort into being a global information source and "the Globe is a distraction," Doctor said.
Morningstar analyst Joscelyn MacKay said in recent years revenue at the Boston Globe had declined much more than at the New York Times.
At the New England Media Group, which is the formal name of the unit up for sale, total revenue declined 0.8 percent to $394.7 million last year. That compares with the New York Times' revenue increase of 2.6 percent to $1.6 billion.
Now here would be a nice opportunity for a conservative billionaire to actually have a real asset instead of some junk mail and some worthless TV ads. Are you listening, guys?