NYT / Globe Sale or why Liberals shouldn’t run an economy UPDATE Washington Post Sold too

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NYT / Globe Sale or why Liberals shouldn't run an economy UPDATE Washington Post Sold too

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.

$1,000 Repub­li­can
$1,003,250 Demo­c­rat
$101,500 spe­cial inter­est
total: $1,105,750

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.

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4:52 PM Just heard the Wash­ing­ton Post has been pur­chased by Jeff Bezos of Ama​zon​.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

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.

$1,000 Republican
$1,003,250 Democrat
$101,500 special interest
total: $1,105,750

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.

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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