Because that's the value of Boston's paper of record, according to the Boston Business Journal, which cites Barclays Capital analyst Craig Huber. (I'm rounding up just a skosh here.
All the more reason to think that $20 million figure the WSJ cited last December is worthless. But hold the Champagne, since the Globe originally sold for roughly six times its current worth (assuming Huber's right, obviously).
Might Boston be in for a colossal media makeover? So suggests the Financial Times:
The New York Times is aggressively courting buyers for its stake in
the Boston Red Sox baseball team and potentially the Boston Globe
newspaper in a transaction that could attract bids worth $200m-$225m,
according to a person familiar with the matter.
The news that the NYT Co. is trying to sell its stake in the Red Sox is interesting. But what really struck me about today's Wall Street Journal story was the little tidbit relegated to the end of the fifth graf:
It is possible the Globe could be packaged with the sports assets in a
sale. Jack Connors, a former ad executive in Boston, and former General
Electric Chief Executive Jack Welch took a serious look at the Globe
two years ago, valuing it at $550 million to $600 million, people close
to them said at the time.
Yes, today's lead Wall Street Journal editorial has bad things to say about both John McCain and Barack Obama's responses to the ongoing economic meltdown. But it also praises Obama's desire to hold Friday's presidential debate as scheduled:
Mr. Obama was right on the merits, and politically shrewd, to respond to Mr.
Here's the beginning of "The New Big Dig," the lead editorial in today's Wall Street Journal:
Mitt Romney's Presidential run is history, but it looks as if the taxpayers of Massachusetts will be paying for it for years to come. The former Governor had hoped to ride his grand state "universal" health-care reform of 2006 to the White House, but his state's residents are now having to live with what he and the state's Democratic Legislature passed.