03 August 2013

Times Sells The Globe. Paul Krugman Hardest Hit.

The next time the The New York Times lectures us proles on how to run a successful business, remember - they suck at business:
The sale, for $70 million, would return the paper to local ownership after two decades in which it struggled to stem the decline in circulation and revenue. The price would represent a staggering drop in value for The Globe, which The Times bought in 1993 for $1.1 billion, the highest price paid for an American newspaper.
You buy in at $1.1 billion and sell at $70 million... Let's figure the profit here: nothing from nothing, carry the nothing...

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