Jeff Bezos's purchase of The Washington Post may look like a steal, yet it came at a rich valuation that newspapers such as The New York Times (NYT) may only dream of obtaining.
The founder of Amazon.com Inc. (AMZN) plunked down $ 250 million for the Post newspaper division, about 17 times adjusted profit, according to data compiled by Bloomberg. That multiple implies a valuation for the New York Times of about $ 4 billion — more than double its current market value. Major metropolitan newspapers should fetch three or four times profit, said research firm Outsell Inc.
"Bezos paid a friendship premium of $ 200 million here," Ken Doctor, a media analyst at Burlingame, California-based Outsell, said in a phone interview. "There are a handful of news brands in the world that will merit some kind of premium over the usual multiple, but the multiple over the multiple here seems really high." Read more...
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