I wrote about the Boston Globe being saved from the clutches of those nasty conservatives a few days ago. Red Mass Group expands on why John Henry of the Boston Red Sox is the perfect buyer for the paper:
John Henry on the other hand is a long time Democratic donor and activist. According to his donation records Henry has donated over $1.1M to Democrats and special interest groups, while $1000 went to a lone Republican.
$101,500 special interest
Seemingly the New York Times Corporation may have not fulfilled it’s fiduciary responsibility to get the most money for an asset it was selling. Furthermore, it seems to be based on the politics of the bidders.
The previous high bidder is not taking this sitting down:
“We bid significantly more than Henry,” said John Lynch, the CEO of U-T San Diego, one of the Globe finalists. “At the end of the day, I’m certain our bid was higher and could have been a lot more higher if they had just asked. I’m just stunned. I thought this was a public company that had a fiduciary duty to get the most by its stockholders. … From the beginning, I don’t think they wanted to sell to us.”
Lynch said the Times laid out three qualifiers for the deal: price, capability to close quickly and ability to finance.
“We had the money in the bank, we had the highest price and we rolled over (Friday) and accepted all their terms,” said Lynch.
As recently as 3 p.m. EDT Friday, Lynch said, U-T San Diego had an army of lawyers working to iron out a deal with the Times, and didn’t officially learn it had lost until they received an email at 3:30 a.m. EDT — some two hours after the Globe announced the $70 million deal on Twitter.
Hey what’s elementary economics when there is a neighborhood to protect?
A final thought. The New York Times is the leading proponent of social and economic Liberalism in general and Barack Obama and his economic policies in particular.
If you wonder why democrats in congress and on the White House have been so willing to put their party before the actual economic good of the country then you simply don’t understand liberalism.
4:52 PM Just heard the Washington Post has been purchased by Jeff Bezos of Amazon.com
In Theory Amazon hasn’t purchased it but in terms of advertising he will basically be paying himself. If he integrates the business and we know Bezos is skilled at this, then again will conservative book buyers decide to spend their money elsewhere if Bezos becomes the liberal angel.
I must admit I have no idea how this will turn out but it’s interesting to note that both the Post and the Globe buyers are successful businessmen who have plenty of money to lose if they wish.
The question becomes are they businessman’s trying to expand to succeed in a new business or Angels who have plenty of money to lose in pushing a viewpoint?
That’s the $64,000 questions or should I say the $250 Million dollar question