NY Times sells Globe at $1 BILLION loss

The New York Times, which bought the Boston Globe in 1993 for $1.1 billion, sold the 141-year-old newspaper to Boston Red Sox owner John Henry for $70 million. That’s a 93% loss. NYT retains the Globe’s $110 million in pension liabilities.

The deal is expected to close in September or October.

In 2011, NYT turned down a $300 million offer from Aaron Kushner, CEO of Freedom Communications, publisher of the Orange County Register and other California newspapers, that included assumption of pension liabilities.

In September 2002, the Globe circulation was 413,000. Today it is nearly half that at 230,351.

To read the entire article, click on http://www.breitbart.com/Big-Journalism/2013/08/03/New-york-times-sell-boston-globe-at-93-percent-loss