How can the New York Times be worth so little? Easily

recently posed the question of how The New York Times Co. (NYSE: NYT) could be worth so little? The question is worth pondering. The company has a market cap of about $1.8 billion, roughly the price that CBS Corp. (NYSE: CBS) recently agreed to buy CNET for. Its enterprise value is about $2.85 billion. Lehman Brothers analyst Craig Huber estimated that the Boston Globe and 15 regional papers could be sold for $575 million after taxes, and valued the company's 17% stake in the Boston Red Sox at $152 million and estimated NYT's portion of its new headquarters at $750 million. About.com, which the Times bought for $410 million three years ago, could fetch a tidy profit if it were sold today. "Does anyone really believe that Times Co.'s other assets --The New York Times, the International Herald Tribune, and its New York City... [read full story]