By: Michael Wolff | The Guardian
The value of a newspaper, or loss of value, is the stark message of the sale by the New York Times Company of the New England Media Group. The company includes the Boston Globe and the Worcester Telegram & Gazette and related websites, and a minority interest in Metro Boston, a local free paper.
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.