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Archive for August 3rd, 2013

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. (more…)

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