In the past 20 years, a great American newspaper has lost
96 97 percent of its value.
The New York Times bought the Boston Globe in 1993 for $1.1 billion. The Times today announced the sale of the Globe and related New England properties to John W. Henry, principal owner of the Boston Red Sox, for $70 million.
I used the Bureau of Labor Statistics’ inflation calculator to figure that $1.1 billion in 1993 is worth $1,777,540,000 today. And $70 million is less than 4 percent of that.
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