NYT takes historic hosing on sale of Boston Globe

The media seems to agree that the New York Times has taken an historic hosing on its investment in the Boston Globe. Sources as disparate as the conservative Breitbart online news to the lefty Guardian are amazed that the paper which the Times bought in 1993 for $1.1 billion has been unloaded for a mere $70 million. The new owner of the 141-year-old paper is Boston Red Sox owner John Henry. The price represents a  93% loss in 20 years. Of course, in 1993, the Internet was still not a household word. Those who knew about it understood very little of what it might mean. In October 2011 the NYT turned down an offer of $300 million for the Globe from the owner of the Orange County Register. One inducement to the Times to sell is said to be the all cash nature of Mr. Henry's offer.