First was the auction of the John Hancock skyscraper last Monday and then on Friday news that the New York Times might shut down the Boston Globe if union don't make a $20 million concession.
Two major, big league icons in one week. How the mighty have fallen!
The numbers are staggering: The Hancock tower was purchased a few years ago at $1.2 Billion and sold for $660 million. The Globe on the other hand was purchased by the NY Times for $ 1.1 billion.
If the Times throws the Globe overboard and closes it, what is a defunct newspaper worth on the open market? Real estate and printing machinery value? Humm, look like a nasty hit to me. Maybe a billion dollar loss all together?
A lot of so called top-shelf management people have "egg" on their face. And they are just going to fade into the sunset.
The dollar amount down the tube is bad but the "symbolic" loss is truly terrible. Two major Boston institutions bit the dust in one week.
This is not good news for anyone.
Bill McInerney
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