New York Times supports deficit spending. And to prove it, they’re losing $900 million on sale of Boston Globe.

The New York Times, that stalwart defender of all things liberal, put its money where its mouth is this week by demonstrating its own commitment to deficit spending.

The New York Times, that stalwart defender of all things liberal, put its money where its mouth is this week by demonstrating its own commitment to deficit spending.

AFP reports on the particulars of the Times’ investment prowess:

new york times building
In a weird sort of way you have to admire the New York Times' commitment to deficit spending

The Boston Globe reported Friday that a businessman is preparing to offer more than $200 million to buy the struggling newspaper from its owner, The New York Times Co.

The Boston Globe said Aaron Kushner will make a formal offer within the next few weeks for the Times Co.’s New England Media Group, which includes the Boston Globe, Boston.com, the Worcester Telegram & Gazette of central Massachusetts and Telegram.com.

… The Times Co., whose holdings include The New York Times and International Herald Tribune in addition to The Boston Globe, sought a buyer for the Globe in 2009 but failed to receive bids attractive enough to merit a sale.

The Times Co. bought the Boston Globe for $1.1 billion in 1993 but the value of the newspaper has plummeted since then, along with the fortunes of the US newspaper industry.

To review: The Times paid $1.1 billion and is selling for $200 million. In other words, they lost $900 million on this nifty little transaction. In other other words, they lost 82% of their original investment.

These geniuses have a big future in the Obama administration.

Source: AFP

Boston Globe reports Coakley wins 50-49 eight hours before polls close!

The results are in and Coakley eeks out a 50-49 win with two million voting. At least that’s what the Boston Globe said, and illustrated with the above election map, some eight hours before the polls closed.

The image that was on the Boston Globe, including mouser over details

The results are in and Coakley eeks out a 50-49 win with two million voting. At least that’s what the Boston Globe said, and illustrated with the above election map, some eight hours before the polls closed.

Here’s how the The Boston Phoenix reports the story they broke:

Boston.com briefly put up this map of the final results of today’s election — some 8 hours before polls closed!

As you can see, over 2 million people voted, with Coakley eking out a 50-49 victory.

The map was fully interactive, so you could roll over and get town-by-town results — above we show Coakley taking Cohasset 56-43.

The Boston Globe took the map down shortly after they realized it was all over Twitter, but not before some screenshots were taken.

I HATE THE MEDIA ™
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