Keeping the Neighborhood Pure The Sale of the Boston Globe

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Keeping the Neighborhood Pure The Sale of the Boston Globe

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

At Bre­it­bart they are talk­ing about the sale of the Boston Globe and the fact that the NYT is tak­ing a 93% loss.

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.

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[olimome­ter id=4]

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.

.

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

At Breitbart they are talking about the sale of the Boston Globe and the fact that the NYT is taking a 93% loss.

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.

**************************

Olimometer 2.52

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.

.