I read yesterday that according to its current share price, the New York Times Company’s market capitalization is about $1.43 billion. The NYTCo paid about $1.1 billion for the Boston Globe et al. in 1993. Adjusted for inflation, that would be more than $1.5 billion in today’s dollars. So the entire NYT empire is now judged by investors to be worth less than the Times Company paid for one of its pieces 15 years ago.
I’m no financial whiz, and maybe the company is currently undervalued, but these numbers give you a sense of how far the newspaper business has fallen in the last decade, don’t they? (In related news, The LATimes laid off another 10% of its newsroom staff this week, bringing it to just over half of what its size was a decade ago, the Christian Science Monitor went this week from being a daily newspaper to a weekly website, etc., etc., etc…)