Red Sox co-owner buys T&G

posted by Mike on August 5th, 2013

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.

Cutting loose the Boston Globe may be a lifeline for the New York Times:

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 – even by 1993, you could have guessed buying a newspaper for top dollar might not be the greatest bet – 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.

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