NewsLo
  • Today’s Headlines
  • Featured
  • US
  • Politics
  • World
  • Media
  • Sports
  • Privacy Policy
Subscribe
NewsLo
NewsLo
  • Home
  • Business
    • Accounting
    • Advertising
    • Branding
    • Career
    • Customer Service
    • Cyber Security
    • Entrepreneur
    • Jobs
    • Management
    • Marketing
    • Non Profit
    • Search Engine Optimization
    • Sales
    • Web Design
  • Finance
    • Banking
    • Bankruptcy
    • Budgeting
    • Credit
    • Debt
    • Estate Wills & Trusts
    • Home Improvements
    • Law
    • Loans
    • Personal Finance
    • Taxes
    • Shopping
  • Investment
    • Crypto Currency
    • Gold & Silver
    • Hard Assets
    • Real Estate
    • Retirement
    • Stocks & Bonds
    • Trading
  • Real Estate
    • Buying
    • Selling
    • Commercial Construction
    • Construction Law
    • Home Improvement
    • Loans
    • Property Management
    • Real Estate Laws
    • Rental Property
  • Insurance
    • Auto Insurance
    • Commercial Real Estate Insurance
    • Crop Insurance
    • Dental Insurance
    • Disability Insurance
    • Health Insurance
    • Home Owners Insurance
    • Identity Theft Protection
    • Insurance Law
    • Investment Insurance
  • Contact Us
  • Media

Boston Globe Sold to Red Sox Owner Following Reports of Doped Up News Cycle

  • August 8, 2013
  • News Lo
Total
0
Shares
0
0
0

BOSTON — The aging newspaper industry received an injection of fresh blood as The New York Times Co. announced the sale of The Boston Globe to John Henry, principal owner of the Boston Red Sox. The fanfare surrounding the paper’s return to local ownership largely eclipsed the tacit admission of an otherwise open secret long held by owners of broadsheets.

“The game has completely changed,” said media critic Howard Kurtz of Fox News, whose former employer, The Washington Post, announced on Monday its sale to Jeff Bezos, founder and chief executive of Amazon.com. “Today’s audience doesn’t have the attention span to sit on the sidelines and read yesterday’s news. They’ve become adrenaline junkies, looking for quick fixes amidst a news cycle on steroids,” Bezos pointed out.

With print subscriptions in free fall, advertising revenue down, and cable news barely keeping pace, The New York Times Co. had no choice but to take a significant loss in the sale as it sought to focus its attention on modernizing its titular brand.

The Times, a New York institution, now openly regrets purchasing The Globe for $1.1 billion in 1993. Rather than being stuck with a beleaguered player in its roster of media holdings, the company accepted a mere $70 million in cash in the sale and still retains the pension obligations from the transferred property.

In an unprecedented report released Monday, FCC Commissioner Mignon Clyburn sought to make an example out of The Globe’s sale by naming 12 other major legacy media holdings that could benefit from local ownership more invested in issues that matter to the community.

But she warned new publishers like Henry to beware of potential conflicts of interest, threatening stiff sanctions should The Globe’s coverage of matters related to the Red Sox undercut its responsibility as a public service.

The Globe will continue its print run as the deal is finalized.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Related Topics
  • Boston Globe
  • Boston Globe and red sox
  • Boston Globe sales
  • news humor and satire
  • news satire
  • News satire and humor
Avatar of News Lo
News Lo

Welcome to Newslo! Our team of dedicated authors strives to deliver the latest and most important info on finance while infusing a dose of our own style to give you a unique experience. Whether you're looking for in-depth discussions on investments or solid finance tips, we have something for everyone. Our goal is to deliver you the best possible content. So, keep reading our articles and give us your feedback!

Previous Article
  • US

With Supplies of Lethal Injection Drug Running Out, Texas Planning to Beat Inmates to Death

  • August 8, 2013
  • News Lo
View Post
Next Article
  • NoNeedToSatirize

#NoNeedToSatirize: Steve King: We might not notice ‘if sea levels go up 4 or 6 inches’

  • August 8, 2013
  • News Lo
View Post
NewsLo
  • Today’s Headlines
  • Featured
  • US
  • Politics
  • World
  • Media
  • Sports
  • Privacy Policy
Navigating the world of finance, one step at a time.

Input your search keywords and press Enter.