Washington Post sells for less than The Worcester Telegram & Gazette
NEWSPAPER sales news:
Amazon.com Inc. Chief Executive Jeff Bezos is buying the Washington Post for $250 million …
Just three days ago the New York Times Co. sold the Boston Globe for $70 million, having paid $1.1 billion for it in 1993.
Mark Steyn’s recalls:
In 1999 The Worcester Telegram & Gazette (that’s in Massachusetts) sold for $295 million.
Fourteen years later, one of the media’s A-list titles – the establishment paper of the capital city, the one that took down a president and made Woodward, Bernstein and Ben Bradlee the Holy Trinity of American journalism’s First Church of Itself – can barely command 80 per cent of that price.
No other industry’s management is in quite such poignant inversion to its self-regard.
Maybe. But $250m sounds like a good price.
Photo: Reporters Bob Woodward, right, and Carl Bernstein, whose reporting of the Watergate case won a Pulitzer Prize, sit in the newsroom of the Washington Post, May 7, 1973.