The New York Times sells The Boston Globe for over $1 billion loss
It’s getting very difficult to suppress laughter of pure schadenfreude these days. Fresh off the news that the unions which supported Obamacare are now turning against it comes news that the New York Times has sold the Boston Globe for only $70 million after purchasing it for $1.1 billion. That works out to a 93% loss without even adjusting for inflation. As if that wasn’t bad enough, the New York Times is still responsible for the Boston Globe’s pension liabilities, which are estimated at more than $100 million. In other words, the New York Times has sold the Boston Globe for the privilege of only losing an additional $30 million (the difference between the $70 million sale price and $100 million in liabilities) on top of the total loss of $1.1 billion.
Why the schadenfreude? In case it wasn’t obvious, the New York Times is one of the most leftist news organizations of the leftist-biased media (H/T Wintery Knight). That means that the New York Times, which as a news organization should at least try to report the truth, is committed to trying to distort reality to make it appear more favorable to the leftist worldview. The New York Times often expresses its leftist bias in the form of shoddy analysis (like this example from Wintery Knight) or subtly biased “news” articles (which other news organizations with a leftist bias have a tendency to do). In case all that reality distortion in the ostensibly fact-based news sections isn’t enough to protect leftist readers from the truth, the Times acts as a mouthpiece for loony lefties like Maureen Dowd and Paul Krugman (you’d think if he was worth his salt that an economist like Krugman could advise his company on how to avoid losing more than a billion dollars on a dumb purchase).