The US publishing industry is experiencing unprecedented upheaval, with news emerging on what seems like a weekly basis of another title being sold, going digital only or being split off from its profit-making parent company.
The Drum rounds up the major changes over the past couple of years.
August 2013: Washington Post sold for $250m
Amazon's Jeff Bezos purchased The Washington Post along with six other tiles from the company in a $250m deal. Explaining the shock decision to sell, Post chairman and CEO Donald Graham said: “I, along with Katharine Weymouth and our board of directors, decided to sell only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post (after a transaction that would be in the best interest of our shareholders).”
August 2013: John Henry purchases the Boston Globe for $70m
The New York Times Company sold The Boston Globe to John Henry, the principal owner of the Boston Red Sox, in cash deal for $70 million. The deal also included Boston.com, the Worcester Telegram & Gazette and other media properties.
August 2013: IBT Media buys Newsweek for undisclosed sum
IBT Media, a US digital media firm, recently announced that it had bought the remnants of Newsweek, the one-time news stand regular which went digital only after 80 years in print, for an undisclosed sum. In 2010 it merged with The Daily Beast.
July 2013: Tribune Company splits newspaper and broadcasting operations
The Tribune Company announced a split of its newspapers and broadcasting properties. Its flagship titles, The Los Angeles Times and The Chicago Tribune, among others are now held in a separate division called Tribune Publishing Company, while its broadcasting properties remain together with other assets in the Tribune Company.
June 2013: Rumours surface of a $1.2bn sale of the Financial Times
Long running rumours that publishing company Pearson was planning to sell the Financial Times Group for a reported $1.2bn were denied.
June 2013: Rupert Murdoch splits the News Corp's entertainment and publishing arms
Rupert Murdoch split News Corporation, dividing the loss-making publishing business from its more profitable entertainment entities The two separate entities were named as News Corporation, which will run the publishing side, while 20th Century Fox is the overall brand for the entertainment business.
April 2013: Jeff Bezos invests $5 million in Business Insider
Prior to his Washington Post purchase,
Amazon founder Jeff Bezos invested $5m towards the development of Business Insider's technology and product teams, editorial operation, sales and marketing and subscription and events.
May 2012 : Warren Buffett pays $142m in cash for Media General
Warren Buffett's Berkshire Hathaway paid $142m in cash to buy around 25 of Media General's daily newspapers, including Richmond Times-Dispatch, the Winston Salem-Journal and the Daily Progress. Buffett also gave media general a $400m loan and $45m in credit to pay off existing bank debts.
August 2011: Telecom billionaire Carlos Slim invests $250m in New York Times
Mexican telecom billionaire Carlos Slim invested $250m in the New York times. He initially purchased a million shares of Times Co before going back for more less than two months later.
