Sale of Boston Globe -- for a Fraction of its $1.1 Billion Purchase Price in 1993 -- Cited as a Milestone in Decline of Newspapers Deadline
The Boston Globe was sold to Fenway Sports Group, whose chairman is "The Cosby Show" executive producer Tom Werner, and the sale, for $70 million, is "the latest milestone in the story of newspapers’ decline in the digital age," reports David Lieberman at Deadline.com.
The New York Times bought the Boston newspaper in 1993 for $1.1 billion, the highest price ever paid for a U.S. newspaper.
The Times agreed Saturday to sell the New England Media Group, which includes the Globe and the Worcester Telegram & Gazette, to Fenway Sports Group, the parent company of the Boston Red Sox.
The Times has been unloading non-core assets, and put the Globe up for sale in February, the piece notes. The report adds: "Times CEO Mark Thompson says that the sale will enable him to 'sharpen our company focus on and investments in The New York Times brand and its journalism.'”
Tom Werner, who founded The Carsey-Werner Company, was also the executive producer of TV hits such as "Roseanne" and "3rd Rock from the Sun."