Red Sox co-owner buys T&G
I have occasionally blogged about the Worcester Telegram & Gazette here, so it’s worth mentioning that the T&G, along with the Globe and other properties, was recently sold to John Henry.
The Times bought the Boston Globe in 1993 for $1.1bn. It acquired the Telegram in 1999 for another $300m, and its interest in Metro Boston after that. In 20 years, in a story of upheaval, shortsightedness â€“ even by 1993, you could have guessed buying a newspaper for top dollar might not be the greatest bet â€“ and helplessness, the newspaper industry has gone from its peak to its bottom.
On Friday, the Times announced it was selling the lot for $70m. And that does not include the combined pension liabilities.
I haven’t seen anyone even try to guess how much the T&G by itself should be worth. More on those pension liabilities:
Mr. Henry paid $70 million, but The Boston Globe has approximately $110 million in pension obligations, which The New York Times Company is keeping on its books.