“The New York Times Company bought the Boston Globe in 1993 for $1.1 billion. It just sold it for $70 million. But we must factor in price inflation. At 1993′s prices, the Times Company paid the equivalent of $1.75 billion today. So, the company lost a staggering 96%. This shows where print newspapers are headed: down. This also shows where the New York Times is headed: down. American liberalism has bet the farm on three institutions: newspapers, network television, and the education system. All three are under assault by the Internet. The profits are shrinking for newspapers and network television.”
The New York Times Company Sells the Boston Globe at a 96% Loss
