In 1993 the Boston Globe was sold to The New York Times Company for a cool $1.1 billion. Twenty years later, they resold it for just $70 million to John Henry, the principle owner of the Boston Red Sox. Henry inspired optimism in Boston because of his track record as a public-spirited business executive, which seemed to ensure that the shrunken newspaper would not be subjected to further downsizing. In just a few days, the sale of the Globe was overtaken by much bigger news. Jeff Bezos, the founder of Amazon and one of the world’s richest people, bought the Washington Post for $250 million.
In The Return of the Moguls: How Jeff Bezos and John Henry are Remaking Newspapers for the Twenty-First Century, Dan Kennedy tells the story of how, over the course of a generation, the daily newspaper has seen an unchecked slide from record profitability and readership to plummeting profits and increasing irrelevance. The newspaper business is at a perilous crossroads. This essential book explains why and how today’s new crop of media moguls might help it to survive.
He will speak at the Kingston Council on Aging, 30 Evergreen Street.