It is a mark of how the world has changed in just 20 years that the New York Times Company said this weekend that it will sell the Boston Globe and other New England media businesses to John W. Henry, principal owner of the Boston Red Sox, for $70 million. The Times bought the Globe in 1993 for $1.1 billion.
Not what one would call a good investment.
Of course, it doesn't always take 20 years for some changes to take place...
Reuters reports that AC/InteraActiveCorp is selling the Newsweek brand to IBT Media. Terms of the deal were not disclosed. This is the third time in three years that Newsweek has changed hands - once when the Washington Post sold it to Sidney Harman for $1, and then again when Harman's estate sold it to AC/InteraActiveCorp, which merged it with its Daily Beast website.
The story notes that the Daily Beast is not part of the sale to IBT Media.
Not what one would call a good investment.
Of course, it doesn't always take 20 years for some changes to take place...
Reuters reports that AC/InteraActiveCorp is selling the Newsweek brand to IBT Media. Terms of the deal were not disclosed. This is the third time in three years that Newsweek has changed hands - once when the Washington Post sold it to Sidney Harman for $1, and then again when Harman's estate sold it to AC/InteraActiveCorp, which merged it with its Daily Beast website.
The story notes that the Daily Beast is not part of the sale to IBT Media.
- KC's View:
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Yikes. Scary time to be in the media business, especially because these events seem like a harbinger of things to come.
