Here's the other issue. Going forward there will be more and more synergies at the corporate level for newspapers because of the move to digital.
NYTs has invested millions and will need to continue to do so just to keep their digital business going. A lot of that CAPEX can be shared with the Boston Media Group. If the Group is sold though the owners will have a very high CAPEX burden especially when compared to the actual cash profitability of the enterprise.
These investors could add to the now very large group of investors who regret paying any meaningful sum for a newspaper.
Warren Buffet says it's important to buy businesses that will be around for decades. I'm not sure newspapers fall into that category. Newspapers could survive but likely in a smaller state. Or they might not if cash inflows go lower than cash outflows.
I would bet on the later because ad dollars will continue to flow online. And online, the competition is intense. Good luck trying to take ad revenue from Facebook, Google and the next five hot start-ups that pop up every few years.
Newspapers are going from a high barriers to entry (print) to a ultra low barriers to entry world. Ask yourself this. If blogs takes millions in ad dollars and blogs are free to start up, do you really want to be in that industry?