Hey NYT – Just Report the News Please
(What a Bunch of Idiots)
In 1993 the New York Times was embarking on its goal of being a media giant. As part of its strategy it acquired the Boston Globe. How did that turn out? Well it just sold the paper back to some folks in
The sale, for $70 million, would return the paper to local ownership after two decades in which it struggled to stem the decline in circulation and revenue. The price would represent a staggering drop in value for The Globe, which The Times bought in 1993 for $1.1 billion, among the highest prices paid for an American newspaper.
See the New York Times has been controlled by a family since the 1890’s and now has the umpteenth generation in charge. The lesson here, just because your ancestors were smart enough to build and operate a great business doesn’t mean you are. Really, just ask any living or deceased descendant of Henry Ford.
Turning $1.1 billion into $70 million (plus assorted operating losses along the way). Just what you would expect from the management of a company that put David Brooks and Ross Douthat on its editorial pages.