Last month, I did a blog entry on Warren Buffett warning that newspapers had no future and that they would go the way of the horse and buggy.

In that context, it's fascinating to read the reports of how the New York Times is now selling the Boston Globe after cutting journalists' pay there by 23%. Whether they'll find a buyer for it is another question. The New York Times bought the company for more than $1 billion in 1993 and it's worth nowhere near that now. So who in their right mind would buy a newspaper now?

Significantly, the price is likely to come down even more with reports of Rupert Murdoch telling the Fox Business Network that all newspapers will be digital within 10 years. While Murdoch says the Boston Globe will survive, he has just effectively talked down the price. But then, he has done the same for his own mastheads. Based on that, it's hard to see anyone buying a newspaper.