Archie Bunker: You wouldn’t then turn around and do what McNabb was trying to do, would ya?
Jim Bowman: You mean sell to Jews?
Archie Bunker: Yeah.
Jim Bowman: Oh NO!…These people are Baptists.
All in the Family Lionel Moves into the Neighborhood 1971
After purchasing the Boston Globe in 1993 for a then-record $1.1 billion, the financially troubled New York Times just announced it sold the 141 year-old paper to Boston Red Sox owner John Henry for a mere $70 million. That’s a straight 93% loss. Figuring in two decades of inflation would only make it worse — as does the fact the Times retains the Globe’s pension liabilities, estimated at over $100 million.
That the Globe is being sold at a 93% (not counting inflation) is news. That it’s being sold to the owner of the Boston Red Sox is bigger news. Maybe the Globe figures if anyone can turn things around, he can, after all he has a history of producing Miracles that nobody would have believed possible. (and that doesn’t even include this season).
But the big story of the sale of the paper (and the Worcester Telegram) was a throw away line later in the piece.
In 2011, the Times turned down a $300 million offer from Aaron Kushner, CEO of Freedom Communications, Inc., publisher of the Orange County Register and other newspapers in California. This offer even included the assumption of pension liabilities, which are currently estimated at $110 million.
The Times itself reports that today’s sale to Henry does not include pension liabilities. Apparently, those remain a Times’ responsibility and expense.
Think about this for a second.
The New York Times turned down an offer 4 times as large that included the pension costs in order to avoid selling this paper to the owners of the Orange County Register.
Why? I think it’s because they read my piece from February:
consider the following:
- Imagine a Movie section where the liberal themes of a picture were noted and tweaked while the conservative themes were highlighted and celebrated.
- Imagine a culture section where events of a conservative nature were celebrated while liberals pressed to get the press.
- Imagine reviews of plays with conservative themes getting web space and print space and liberal themes hoping for a line or two.
- Imagine stories in the Sunday section celebrating historic places, people and sites that highlight America’s conservative History or people who are conservative doing great things for the community.
- Imagine a whole slew of conservative Journalists cutting their teeth of straight news instead of news with a liberal spin, imagine the farm team it would create.
- Imagine an editorial page giving conservative opinion day after day after day.
- And imagine a web site ranked in the top 1500 worldwide and top 350 nationally, a web site that local papers around New England draw stories from giving that public conservative thought as background noise in the same way that liberals have done for ages.
What’s $230 million dollars and pension costs to the shareholders when it’s held up against keeping those dirty conservatives out of the neighborhood? Particularly with a tough election coming up in 2014.
And they did do better than Newsweek.
Under 12 hours to go before the end of this week and I’m still $194 short.
If you are hesitating remember Diane Feinstein wants to redefine a journalist as someone who makes a salary. You can help make sure I qualify.