Sunday, August 4, 2013

On why we should believe the New York Times editors when they instruct us about the economy

New York Times sells Boston Globe at 93% loss.

John Henry, the principal owner of the Boston Red Sox, bought the 141 year old Boston Globe (without its $100 million +/- pension liabilities) for $70,000,000.   The NYT had paid $1.1 billion for the Globe in 1993.  Ouch.  To put it in context,  Henry acquired the paper for about half of what the Red Sox payroll is for 2013.   No word on whether the deal includes an outfielder-to-be-named later.

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