A memory from my first journalism job: I was a 22-year-old cub reporter at The Boston Globe in 1993 when The New York Times bought us for $1.1 billion. I looked around the newsroom at all the middle-aged hacks—a feature writer who crawled under her desk to call sources, a night-desk editor who cursed under his breath in German—and thought: Seriously? But I didn’t know anything about the media business. I figured the Timesmen knew what they were doing.
They didn’t. They sold The Globe last week for $70 million, 6 percent of what they paid two decades ago. They didn’t even get to unload the Globe‘s pension liabilities.