Daily Archives: August 4, 2013

Well that’s why he has staff

Obama parties while US Embassies around the world shut down because of terrorism threat.

Here’s something the president might ponder while missing putts: the Saudis and the Iranians fund global terrorism solely from their oil revenues. Cut those, cut funding. Instead of blocking oil pipelines, closing federal lands to oil exploration and doing everything possible to increase our dependence on foreign oil, the Great One could be encouraging its production. The Saudis wouldn’t like that, but hey, what are friends for?

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No wonder the New York Times hates capitalism

 

 

Does this mean we lost money?

Does this mean we lost money?

Sells Boston Globe for $70  million,

Bought it for $1.1 billion in 1993 dollars ($1.616 billion, 2013), selling it for  $70 million today. By my math, take the $1.616 billion, add in $100 million in pension liabilities it’s retaining, subtract the $70 million some sucker is paying for the wreckage and the Sulzberger family and their friends will lose $1.656 billion.  They hate profits down there in Sulzberger Nation, so I imagine they’re celebrating tonight; so will I.

The Times announced in February that it was putting the Globe up for sale. News reports claimed that bids had been as high as $100 million. What might have sweetened the lower offer for the Times is that Henry offered a straight cash deal, which is expected to close sometime in September or October.

In 2011, the Times turned down a $300 million offer from Aaron Kushner, CEO of Freedom Communications, Inc., publisher of the Orange County Register and other newspapers in California. This offer even included the assumption of pension liabilities, which are currently estimated at $110 million.

The Times itself reports that today’s sale to Henry does not include pension liabilities [$100 million]. Apparently, those remain a Times’ responsibility and expense.

In September of 2002, the Boston Globe enjoyed a circulation rate of 413,000. The average weekday circulation today is nearly half that: 230,351.

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