The New York Times Co. has received bids ranging from $70 million to $120 million for the
Boston Globe.
The Times Co. paid $1.1 billion for the
Globe
in 1993.
According to
an analysis by Galen Moore
of the
Boston Business Journal,
the
Globe
“threw off about $1.3 billion in cash over 12 years for the New York Times. Revenue peaked in 2004, and by 2008 the
Globe
was bleeding red ink to the tune of $1 million a week — but these losses are likely offset to some extent by tax savings on massive writedowns of New England Media Group assets, which the Times undertook in 2007.”
Moore speculated that the Times Co. will have a worse outcome with the Worcester
Telegram and Gazette,
which will be included in the sale. The Times Co. bought the
Telegram and Gazette
in 1999 for $295 million. (Source:
Boston Business Journal,
June 28, 013.)
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