Good grief the NY Times (NYT 14.66) is being given away, but the Sulzberger family and the dual structure of the stock is keeping buyers away. Isn't there anyone left with a Murdoch sized ego?
The Times was started with $110,000 on September 18, 1851, and it's founder and Whig, Henry Raymond, had this to say: "We shall make it a point to get into a passion as rarely as possible." That describes the Times current stockholders! No one has any passion or gives a whig about the company. Especially since the Times is a terrible steward of it's resources. Anyone remember the $410 million they paid for about.com?
But the Boston Globe and the 20% ownership the New England Sports Network, and the 17% ownership interest in the Boston Red Sox, makes you think that somebody besides Jack Welch wants to buy the Times, as these are still highly coveted assets.
And at this price, it's worth buying just for the 6.2% yield until somebody with enough moxie challenges the Times with a gigantic bid, just as Murdoch did with the WSJ.
All we need now is an insider tipping a buyer in Hong Kong!
No comments:
Post a Comment