Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

8/5/2013 (2 years ago)

Catholic Online (www.catholic.org)

Purchased for $1.1 billion, New York Times unloads paper at $70 million

It was a deeply sad reminder of the decline of the newspaper industry in the wake of the Internet age . Purchased for $1.1 billion in 1993, the sale of the Boston Globe in 1993 set a then-record. Financially ailing, the New York Times has now sold the paper for $70 million - a STAGGERING 93 percent loss.

The New York Times has reported that the sale price does not include the Globe's pension liabilities. Apparently, those remain a Times' responsibility and expense.

The New York Times has reported that the sale price does not include the Globe's pension liabilities. Apparently, those remain a Times' responsibility and expense.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

8/5/2013 (2 years ago)

Published in Business & Economics

Keywords: Boston Globe, New York Times, sale, ad revenue, readership, newspaper, Internet


LOS ANGELES, CA (Catholic Online) - The 141-year-old newspaper was sold to Boston Red Sox owner John Henry. Figuring in 20 years of inflation makes the sacrifice price even worse. In addition, the Times retains the Globe's pension liabilities, estimated at over $100 million.

The Boston Globe had been up for sale since February of this year. Bids had previously been as high as $100 million. What might have sweetened the lower offer for the Times is that Henry offered "straight cash deal," which is expected to close sometime in September or October.

The Times turned down a $300 million offer from Aaron Kushner, CEO of Freedom Communications, Inc. in 2011. Kushner's offer even included the assumption of pension liabilities, which are currently estimated at $110 million.

The New York Times has reported that the sale price does not include the Globe's pension liabilities. Apparently, those remain a Times' responsibility and expense.

The Boston Globe enjoyed a circulation rate of 413,000 in 2002. Currently, the average weekday circulation today is nearly half that: 230,351.

Plagued with declining circulation due to online competition, both the Times and Globe have been plagued by faltering ad revenues that have only worsened in recent years. The Times reported its 11th straight quarter of falling ad revenue.

Ironically -- both newspapers continue to strongly endorse and champion President Obama and his economic policies, even though those policies have failed to create the kind of economic growth necessary to create a boom in advertising spending. The future doesn't look much brighter.

Last quarter the American economy only grew by 1.7 percent. Last month saw a mere 162,000 new jobs created, most of them part-time.
 

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2016 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for May 2016
Universal:
Respect for Women: That in every country of the world, women may be honored and respected and that their essential contribution to society may be highly esteemed.
Evangelization: Holy Rosary: That families, communities, and groups may pray the Holy Rosary for evangelization and peace.



Comments


More Business & Economics

Obama brags in face of economic failure Watch

Image of The Obama administration claims the economy is thriving - but what is REALLY going on (TPNN)?

By Kenya Sinclair (CALIFORNIA NETWORK)

We all know "that guy." You know the one - the guy who is obsessed with conspiracy theories and who swears the government is out to get us. Well, according to newly released economic data, "that guy" might be (partially) right. LOS ANGELES, CA (Catholic Online) - U.S. ... continue reading


Yes, there's definitely something wrong with millennials, and here's what it is! Watch

Image of As far as millennials are concerned, the American dream is just that -- you have to be asleep to believe it.

By Marshall Connolly (CALIFORNIA NETWORK)

Across the country, the news is shocking. Over half of the millennials think socialism might be a good thing. Most of them believe the American dream is a myth, and public perception is that something is wrong with them. Why do they just want "free stuff?" LOS ANGELES, ... continue reading


Billionaire Soros warns China is near economic collapse Watch

Image of China's economy may be heading for trouble.

By Marshall Connolly (CALIFORNIA NETWORK)

Billionaire George Soros is sounding the alarm, China is about to go down and the rest of the world could follow. According to Soros, there is a major resemblance between China now and the United States in 2007-2008 just before the U.S. economy entered the Great ... continue reading


IRS issues dire warning before Panama Papers crackdown begins Watch

Image of The Panama Papers detail the tax evasion schemes of thousands of wealthy people around the world.

By Marshall Connolly (CALIFORNIA NETWORK)

The IRS has issued a warning to the rich who have been hiding money offshore - come clean now, before we catch you ourselves. The warning follows the leak of over 11 million pages of documents that detail the private, often hidden financial moves of wealthy people ... continue reading


Obama's Saudi masters order him not to sign 9/11 bill Watch

Image of It's not about the victims, it's about the Saudis.

By David Drudge (CALIFORNIA NETWORK)

Saudi Arabia is about to escalate their economic war with the United States should Congress pass a law that will allow victims of the 9/11  terrorist attacks to sue foreign states. The Obama administration opposes the bill and is lobbying against it. LOS ANGELES, ... continue reading


You won't believe how California's rich spend their money! Watch

Image of Top 1 percent pays nearly half of all California taxes (istockphoto).

By Kenya Sinclair (CALIFORNIA NETWORK)

When you think of California, images of sandy beaches, sun-kissed skin and Hollywood stars flash through your mind - and you're not wrong! California's rich enjoy all the sunny state has to offer - but at what cost? LOS ANGELES, CA (Catholic Online) - According to ... continue reading


Tesla KILLS American car industry in just 3 days. GOOD! Watch

Image of The Tesla Model 3 will sell for an average price of $42,000. Subsequent competition and models will reduce future prices even further.

By Marshall Connolly (CALIFORNIA NETWORK)

Tesla has blown away all predictions, selling over 276,000 pre-orders of their affordable Model 3 electric car, within 72 hours of going live. The massive public interest reveals a major shift in public preferences and should send shockwaves through the auto industry. ... continue reading


You won't believe what JUST happened to Walmart! Watch

Image of What does Walmart's revenue drop mean (WalmartDid).

By Kenya Sinclair (CALIFORNIA NETWORK)

The discount giant has received its first dip in revenue since its inception in 1996. Can the drop signify the beginning of the end? LOS ANGELES, CA (Catholic Online) - The digital age has marked a permanent shift in the way humanity perceives the world.One smartphone ... continue reading


Why Democratic Socialism is coming to America, whether you like it or not, and what you can do about it (but won't) Watch

Image of Presidential hopeful Bernie Sanders is a self-described democratic socialist. His movement is popular with millennials who are coming of age.

By Marshall Connolly (CALIFORNIA NETWORK)

America is in more trouble than people realize and here's why. The middle class is becoming poor, and as the ranks of the poor grow, our national politics will change. LOS ANGELES, CA (California Network) - The United States is changing and many people are having a ... continue reading


You'll never believe what the U.S. government is doing with $917 billion Watch

Image of How much do YOU owe (Shutterstock)?

By Kenya Sinclair (CALIFORNIA NETWORK)

How often do you swipe your credit card without considering your credit limit? When you don't have funds in your checking account, do you turn to credit cards to cover groceries, outings or bills? Have you considered what that credit card debt can do on a larger scale? ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • Daily Readings for Wednesday, May 04, 2016
  • St. Florian: Saint of the Day for Wednesday, May 04, 2016
  • Captain James Cook wreckage discovered!
  • Your Daily Inspirational Meme: I fear no evil!
  • Daily Reading for Thursday, May 5th, 2016 HD Video
  • St. Matthew HD Video
  • 'Our warriors are everywhere': ISIS uses CHILDREN to threaten Europe

Daily Readings

Reading 1, Acts 17:15, 22--18:1
15 Paul's escort took him as far as Athens, and went back with ... Read More

Psalm, Psalms 148:1-2, 11-12, 13, 14
1 Alleluia! Praise Yahweh from the heavens, praise him in the ... Read More

Gospel, John 16:12-15
12 I still have many things to say to you but they would be too much for ... Read More

Saint of the Day

Saint of the Day for May 4th, 2016 Image

St. Florian
May 4: The St. Florian commemorated in the Roman ... Read More