Posted by: Jon Fine on October 26, 2006
Three random media media headlines of the past 24 hours or so, lightly edited for clarity:
Welch, Others, Mull Private Bid For NYT’s Boston Globe (Parenthetically: The Boston Globe may be the albatross around the New York Times Co.’s neck right about now. But the idea that the Times will sell it for the reported $550 million to $600 million, or more or less precisely one-half of what the Times Co. paid to buy it in ’93—-well, that’s just crazy-talk.)
Clear Channel Chews Over Going Private
Gatehouse Publishing. A Company Wholly Composed Of Tiny Newspapers And Whose Primary Growth Strategy Involves Buying More Of Them, Sees Stock Spike Something Like 20% In First Day Of Trading.
The instructive moral lesson, of course, is that public ownership of media companies no longer makes any sense.
Except when it does.