The financial situation continues to deteriorate at the Boston Globe and the Worcester Telegram & Gazette. Romenesko has the roundup: “The New York Times Co. posted a $648 million loss for the fourth quarter as it absorbed an $814.4 million charge to write down the value of its struggling New England properties, the Boston Globe and the Worcester Telegram & Gazette.”
It looks like the Times Co. now agrees with retired General Electric chief executive Jack Welch, who’d like to buy the Globe and who recently valued the paper at between $500 million and $600 million — half what the Times Co. paid for it, and in 1993 dollars at that.
Question: Do the Sulzbergers believe the newspaper market is going to bounce back? Or is it look out below? The answer to that question will determine whether and when the Globe gets sold.