This weekend, The New York Times Co. sold the Boston Globe to John W. Henry, the owner of the Boston Red Sox. Henry paid $70 million. (Or negative $40 million, by more realistic calculations.) Oddly, several other bidders made higher bids than Henry. Why did the NYT Co. leave that money on the table?
If you are a grown adult with a 401K and adult financial things of that nature, you may remember 2006 as "the year when the economy was booming, before I had to move into the box." M&A deals were everywhere! Companies were being bought and sold left and right! Bankers and consultants and assorted other finance industry hangers-on were getting rich! And so was everyone else, until it all came crashing down in a massive global disaster just a short time later.