The big story on the morning of June 5 was that the New York Times Company sold the Boston Globe for a paltry $70 million. It had paid $1.1 billion in 1993, which was worth $1.76 billion in today’s money.
That afternoon, the bombshell hit: the Graham family is selling The Washington Post for a paltry $250 million to Amazon owner Jeff Bezos. Bezos has no background in running a newspaper. He just thought it would be a kick to own one. Well, I am sure it will be.
The Post has been the flagship for Beltway liberalism for two generations. It was second only to The New York Times in its influence in American journalism.
If the peripheral Boston Globe was worth $1.76 billion in 1993, and $70 million today, think of what the Post was worth in 1993.
The Grahams were presiding over a doddering patient with a catheter. They sold out just in time. By hanging on for two decades, they walked away from a fortune. They wound up selling to an billionaire who owns the largest mail-order operation in the world. He is taking on the project the way that rich men play with hobbies in their spare time.
Read More at Lew Rockwell . By Gary North.
Photo Credit: kieran mccarthy (Creative Commons)