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TUESDAY, FEBRUARY 9, 2010
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 ANALYSIS 
1

'Jewel' Soon Was Tarnished for NY Times Co.: Globe

Globe staffers analyze parent company's treatment of once great paper

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(Newser) – The Boston Globe is delving into the stunning fall of a once-great institution: itself. Keith O'Brien and Robert Weisman trace the decline back to 1993—when the New York Times Co. bought the "jewel of an asset" for a staggering $1.1 billion—to the unimaginable present, as the Times Co. threatens to shutter New England's premier daily.

“It was a brilliant move,” said one insider of what was dubbed a "royal marriage." But now the honeymoon is over: The Globe is hemorrhaging cash, and many blame Times Co. for failing to outmaneuver the Internet. But “nobody had any answers then, and nobody has any answers now,” says a former Globe editor. Which leaves O'Brien and Weisman guessing their fate in their own paper: "Spokespeople for Globe and Times management declined to comment."

People enter the headquarters of the Boston Globe.
People enter the headquarters of the Boston Globe.   (AP Photo/Steven Senne, File)
A man enters the Boston Globe newspaper building.
A man enters the Boston Globe newspaper building.   (Getty Images)
Graphic provides the New York Times Company's revenues and net income for the past three years.
Graphic provides the New York Times Company's revenues and net income for the past three years.
The New York Times building is shown in New York.
The New York Times building is shown in New York.   (AP Photo/Frank Franklin II, File)
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What else could $1.1 billion have bought in 1993, on the eve of the age of the Internet? - Keith O'Brien and Robert Weisman, Boston Globe

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TerrifiedCitizen
Apr 12, 09 2:59 PM CDT
Do you think that the majority of online news sites would be getting as wealthy as they are if they had to carry the overhead including reporters salaries that conventional media does? All reporters need to go indy tomorrow morning and sell their stories to internet news providers... and everyone will be happy except the filthy rich newspaper moguls of yesteryear. Reply
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