Comparing The Star Tribune’s sale to The Boston Globe’s hardships
Posted by Jean Yves Chainon on January 8, 2007 at 2:37 PM
McClatchy’s recent bargain sale of The Minneapolis Star Tribune pointed undeniably to the rapid devaluation of newspaper companies. It also led Follow the Media to argue that The New York Times Co. should do exactly the same.
McClatchy sold the Star for a combined benefit of about $690 million – it had bought the Star in 1998 for $1.2 billion.
Apart from the dark forebodings this news bears for the newspaper industry, Philip Stone, writer for Follow the Media, argued this should set an example for the Times Co.’s Boston Globe.
Times Co. purchased The Boston Globe in 1993 for $1.1 billion: the Globe is now valued somewhere around $550 million.
“The Times’ management needs to adopt the McClatchy doctrine -- don’t worry about what was paid years ago when circumstances were different but rather accept conditions as they are today, get the best possible,” wrote Stone.
Whether management and executives at the Times listen to Stone or continue their Internet-focused expansion, the newspaper company will soon have to find a viable solution - such as selling, as it just did with its broadcasting division.
To reduce its debt, the Times just might need to sell a half-priced Boston Globe.
Source: Follow the Media
Apart from the dark forebodings this news bears for the newspaper industry, Philip Stone, writer for Follow the Media, argued this should set an example for the Times Co.’s Boston Globe.
Times Co. purchased The Boston Globe in 1993 for $1.1 billion: the Globe is now valued somewhere around $550 million.
“The Times’ management needs to adopt the McClatchy doctrine -- don’t worry about what was paid years ago when circumstances were different but rather accept conditions as they are today, get the best possible,” wrote Stone.
Whether management and executives at the Times listen to Stone or continue their Internet-focused expansion, the newspaper company will soon have to find a viable solution - such as selling, as it just did with its broadcasting division.
To reduce its debt, the Times just might need to sell a half-priced Boston Globe.
Source: Follow the Media
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