What's Behind The Washington Post Sale
Historic Deals of Major U.S. Newspaper Companies
In addition to The Washington Post, several other major newspapers have recently been purchased, with the sales prices revealing a heavy devaluation of the product. Only days before The Post sale, , The New York Times accepted an offer for $70 million from the Boston Red Sox’s principal owner to buy The Boston Globe – a 95% decline in value from when The New York Times first bought the Globe in 1993 for $1.1 billion. The last time The Washington Post was sold was back in 1933 (for $825,000), but its current selling price of $250 million is even less than the $295 million the Times paid for the weekly Worcester Telegram & Gazette in 1999. Here we offer a snapshot of recent newspaper sales and what they tell us about depreciation in the industry.