Going once, going twice: New York Times set to sell Boston Globe
Share Now on:
Today the New York Times Company takes bids for the Boston Globe. There are, reportedly, at least eight potential buyers. With print media struggling, why would you want to buy a paper today?
Bids for the Globe are expected to be in the $100 million range. The New York Times company paid more than a billion dollars for the publication 10 years ago.
Still, newspapers are a good buy says Tom Rosenstiel, executive director of the American Press Institute.
“These are still businesses that make money,” he says. “Newspapers have stabilized their revenue picture and now, importantly, there are new categories of revenue that have emerged.”
Like paywalls, Rosenstiel says consumers seem more willing to shell out for digital content. And, he adds, newspapers are better positioned to create mobile ads and online ads with local businesses than, say, Google.
“We have the relationships with these stores, we’ve had them for years and years and years, Rosenstiel says. “That’s different than a big company in Mountain View that’s doing everything digitally.”
Rosenstiel notes many papers are also advising local businesses on the transition to the digital age.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.