Spare a Thought for the Vulture Capitalists

Outside a Sears store in Vancouver in 2011. (Andy Clark/Reuters)
Sears is dying, but don’t blame the financial professionals overseeing its demise.

NRPLUS MEMBER ARTICLE N ewspapers were for many years both socially important businesses and wildly profitable ones, and, in keeping with that, they often occupied prime commercial real estate in world capitals and small towns alike. When the fortunes of the newspaper business took a turn for the worse at the turn of the century, many publishers discovered that their real estate was worth a good deal more than the newspaper occupying it. For example, in 2013 the New York Times Company sold the Boston Globe for $70 million — with the paper’s headquarters valued at $63.8 million, or 91 percent of the sale


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