The Boston Globe Sold For Negative Money

Speaking of newspapers being bought and sold, the weekend also saw the Boston Globe sold to Red Sox owner John Henry (by owners, the New York Times Company) for a tiny fraction of what they originally paid.

Matthew Yglesias from Slate comments:

Like everyone else I’ve seen the headlines remarking on the fact that a New York Times Company which bought The Boston Globe for over a billion dollars is selling it this weekend for just $70 million. But if you read the body text of those articles you’ll see that the paper actually sold for much less than $70 million. It in fact sold for a negative quantity of money.

Spoiler: pension obligations cost money. Rather a lot of money. Ouch.

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