This hurts. According to Silicon Valley Insider, New York Times Co. chief financial officer James Follo says the company would like to sell the Boston Globe — except that, at the moment, it isn’t worth enough to put it on the block. Michael Learmonth writes:
In a presentation to the Bear Strearns [sic] media conference in Palm Beach, Fla., Follo singled out the Boston Globe as an underperforming asset that could be sold off, but that recent newspaper valuations made that unlikely in the near-term. Similarly, [Times Co. CEO Janet] Robinson said The Times’ local papers could also be sold, but that similar newspaper groups have not sold at a high multiple, so the Times is more likely to hold on to them, for now.
It’s not encouraging to realize that Times Co. executives think of Boston’s paper of record as something they’re stuck with. But there you have it. One silver lining: Follo apparently thinks things will improve at some point. (Thanks to Media Nation reader B.D.)
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Probably a Yankee fan.
You overpay for something, you’re likely to have a tough time recouping your money when you sell it. As I’ve said before, the Globe’s and NYT’s problems aren’t due to a changing industry and unfolding in the newsroom; they’re due to stupid business management, are unfolding in the CFO’s office, and could happen to any company run by a bunch of twits.