Saturday, August 03, 2013

John Henry Buys Boston Globe

Red Sox principal owner John Henry has reached an agreement to purchase the Boston Globe for $70 million.

I read about the transaction in three articles this morning. First one via the Globe, the second was via the NY Times, and the last was via Breitbart. What was interesting was the Globe article did not mention the pension liabilities at all (an important nugget for the business section to overlook completely don't you think), the Times just said that John Henry was not assuming the "Globe's pension liabilities", and then Breitbart said that the pension liabilities are estimated at over $100 million. Adding in those pension liabilities really puts a different spin on the real net for the NY Times in the deal - doesn't it?

What maybe bugged me the most was the fact that the Worcester Telegram and Gazette was lumped into the deal like it was an after thought. The Telegram and Gazette was the paper I grew up with. I have to think if the NY Times Company never touched the T and G that it would have been worth more than $70 million by itself today.

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