Monday, August 5, 2013
Over the weekend it was announced that John Henry, the principle owner of the Red Sox, purchased the Boston Globe from the New York Times Co. for $70 million. This deal really tells you all you need to know about the current state of the publishing industry. The New York Times purchased the Boston Globe about 20 years ago for $1.1 billion. Ugh. And the Times thinks the legal business is in trouble...
In other related news, the Red Sox agreed to a 7 year, $100 million contract extension with second baseman Dustin Pedroia.
Update: As if on cue, the Times publishes a post-mortem on another failed publishing merger - The Daily Beast and Newsweek.
Update: And then, there's this -- Washington Post sold to Amazon's Jeff Bezos. What a day for media deals...