An
article in the Herald today rambles on about the potential sale of NYT assets here in Massachusetts. It goes at the subject from the angle of "who will save" the Globe, something that doesn't seem likely to me. It doesn't seem likely because I can hardly imagine Arthur Sulzberger Jr. buying high and selling low...
The Globe and the T&G were purchased by NYT in 1996. They got the Globe for $1.1 billion, and they got the T&G for $296 million. In 2003, the New England Media Group was formed, which includes the Globe, T&G, and Boston.com. (It may have other assets, but I'm too lazy to keep searching.) Since January 2007, the value of the NEMG has dropped by $980 million. That decrease would, proportionately, put the T&G's value down to around $88 million at that point. But I suspect that it's much worse than that now.
The really painful thing about this is that the prospect of NYT selling assets would be based on how much it could raise to pay off debt. The debt could not be discharged by selling the T&G, that's for sure! The entire NEMG probably isn't enough, either. So, ultimately, the article settles on NYT's 17% piece of the Red Sox as the carrot on the stick that might do the trick... and the NEMG would be tossed in, just to get rid of the constant red ink.
It's a somewhat ugly situation, isn't it?
The question really isn't "who will save" either the Globe or the T&G, though. The question should be, "What are all those talented reporters and columnists doing to prepare for the inevitable?"
I really don't think they get it. I'd be willing to bet that most of them are still spending more than they make every month. Yet, over the past few years of staff cuts and chronic attrition, I suspect that even the ones no longer there could've pooled their resources and started their own local daily, well before the axe fell on them.
Sadly, all those talented people have simply been demonstrating, one after another, how the frog gets boiled. Really. It ain't the damn banner that needs "saving", it's the writing talent and the reportage.