Boston Globe sold at a major loss

Good day all. Back in 1993, the mouthpiece for all things Progressive, Socialist, Elitist and Anti-American, the New York Times Publishing company, decided to add to their list of regional propaganda sheets by buying the Boston Globe for $1.1 BILLION dollars.

So, how did that work out? It has been announced that the New York Times has sold the Boston Globe for a whopping $70 million dollars. Once again, we see how the Progressives handle actual business matters….incompetently. The buyer is John Henry, the principle owner of the Boston Red Sox. According to the Associated Press,

Times spokeswoman Eileen Murphy confirmed the planned sale of the Globe and other media properties to Henry. The Times said the all-cash sale, expected to close in 30 to 60 days, includes BostonGlobe.com, Boston.com, The Worcester Telegram & Gazette, Telegram.com, the direct mail marketing company Globe Direct and the company’s 49 percent interest in Metro Boston, a free daily newspaper for commuters.

Now why did John Henry waste spend $70 million on what is locally called “The Boring Broadsheet?”

Henry cited the “essential role that its journalists and employees play in Boston, throughout New England, and beyond.”

“The Boston Globe’s award-winning journalism as well as its rich history and tradition of excellence have established it as one of the most well respected media companies in the country,” Henry said in a statement.

Now for some local information. I am very familiar with the Boston Globe. My late father used to buy the paper every day. He even worked there briefly shortly after the War. (WW 2) However, as time passed, he grew to utterly despise the paper and those running it. I asked him why he continued buying it and he said the business section was good. Actually, he bought it from habit, nothing more.

One of the big questions will be, why did the Globe’s value plummet so badly? The answer according to media mavens is “A tough environment.”

The Globe and other newspapers have faced difficulties in recent years as readers have fled to the Internet and advertisers have cut spending on newspapers and moved more ads online.

That is a part of the problem of course, but the real reason the value of the Globe as well as the New York Times has crashed is very simple. They stopped reporting news and started acting as shills and propagandists for the Democrat Party. As the internet took off, and people found more and varied sources of information, the propaganda sheets started failing. Interestingly, newspapers that try to maintain a balance seem to be doing reasonably well.

Still, unless Mr. Henry is going to make some significant changes in the editorial and journalistic reporting of the Boston Globe, the paper will continue to lose money and eventually, John Henry will have no choice but to fold it. He might be able to get some of his investment back through the sale of the real estate, but I doubt it. Even at $70 million, he paid way to much. It will be interesting to see what Howie Carr has to say about this tomorrow. I think I’ll tune into his radio show for a little of his patented gloating.

Thatisall

~The Angry Webmaster~

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