NYT Corp sells off Boston Globe

[fjtorres]

http://www.nbcnews.com/business/bost...ion-6C10835491

Sign of the times.

The New York Times Co. says it has agreed to sell The Boston Globe to the principal owner of the Boston Red Sox for $70 million, a massive drop from the record $1.1 billion it paid for it.

Times spokeswoman Eileen Murphy confirms the sale of the Globe and other media properties to businessman John Henry.

The Times bought the Globe in 1993. Newspapers have faced difficulties in recent years as advertisers have moved more ads online.

The Times bought the Globe in 1993 for $1.1 billion from the family of former Globe executive Stephen Taylor.

The newspaper has faced difficulties in recent years as advertisers cut spending on newspapers and moved more ads online. Still, the Globe is a journalistic institution in New England and was lauded for its coverage of the April bombings at the Boston Marathon.

[Canuck_in_Japan]

1.1 billion to 70 million. Wow! 1993 was just about the time when the internet started to go into the mainstream. I remember I was about 14 then and I used it for the first time in my computers class.

[fjtorres]

Originally Posted by Canuck_in_Japan

1.1 billion to 70 million. Wow! 1993 was just about the time when the internet started to go into the mainstream. I remember I was about 14 then and I used it for the first time in my computers class.

90%-plus of value gone in 20 years.

And there's no telling what Henry intends to do. He might just shut down the print side, where most of the costs are, and keep the online side, where the revenue comes from.

Some big city "dailies" aren't even daily anymore; some have moved to three-times-a-week or even just sunday.