NYT takes a bath on sale of the Boston Globe

The Times bought it 20 years ago for $1.1 billion. It sold it to the Boston Red Sox owner for $70 million.

Here’s the NYT piece. And here’s the Globe’s.

Frank Caprio     @frankcaprio John Henry (former Hedge Fund mgr and current Red Sox owner) paid less for the Boston Globe than the contract for outfielder Carl Crawford.

Actually, quite a bit less.

The gold standard in the newspaper industry just became the rust standard.