6 Unusual Things Owned by Newspapers

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Getty Images

The Tribune Company has been in the news lately as it works towards selling off one of its prized assets, the Chicago Cubs. The company, which owns the Chicago Tribune, the Los Angeles Times and a slew of other papers, filed for Chapter 11 bankruptcy protection last month, so it could really use whatever cash selling the Cubbies can bring in. While it might sound odd for a newspaper company to own a baseball team, the Cubs are just one unusual property held by newspaper conglomerates around the country. Here are a few others:

1. The Boston Red Sox

The Cubs aren't the only Major League Baseball team partially owned by a newspaper. The Boston Red Sox are a subsidiary of New England Sports Ventures LLC, which also owns Fenway Park and the majority of the New England Sports Network. While John W. Henry is the principal owner of this group, the New York Times Company also owns a piece. The publishing giant shelled out $75 million for a 17.5% stake in New England Sports Ventures in 2002, which makes it the company's second-largest stakeholder. In addition to the Red Sox, this share also gives the Times a stake in Roush-Fenway Racing, the NASCAR team that fields drivers Carl Edwards, Greg Biffle, and Matt Kenseth among others.

However, like the Tribune's ownership of the Cubs, this arrangement might not last too much longer. Declining ad revenues have forced the Times to divest assets that aren't related to its core publishing business, and reports have circulated in recent weeks that the paper is actively seeking a buyer for its share of the sports empire.

2. Manheim Auctions

You may not have heard of it, but Manheim Automotive Services is the world's largest car auction company. The auctioneer has 145 locations around the world where interested wholesale customers can pick up a new set of wheels. Since 1968, it's been a part of Cox Enterprises, a media conglomerate whose portfolio includes such large dailies as the Atlanta Journal-Constitution and the Dayton Daily News, along with several dozen other papers. The auction business isn't Cox's only foray into the automotive world, though. It also owns Auto Trader magazine, friend of anyone in search of a used ride, and Dent Wizard, a company that specializes in paintless dent removal.

Cox once owned an even quirkier asset to go along with its newspapers: Zack Morris. Well, maybe not exactly Zack Morris, but his syndication rights. For a period of time after 1988 Cox owned Rysher Entertainment, which held the distribution rights for Saved by the Bell. That the Atlanta Journal-Constitution never gave Screech Powers a weekly column is a reprehensible oversight.

3. Kaplan, Inc.

Kaplan, the savior of anyone with standardized test anxiety, is a subsidiary of the Washington Post Company. Founder Stanley Kaplan sold his tutoring company to the publisher in 1984, and the Washington Post quickly expanded the test-prep business by gobbling up competitors through acquisitions. The plan seems to have worked perfectly; while newspapers may be in trouble, Kaplan raked in around $2 billion for its parent company last year.

The Washington Post Company actually holds a number of interesting non-paper assets. In addition to magazines like Newsweek and websites like Slate, it also owns Cable ONE, a cable and Internet service provider for homes in 19 states.

4. eCRUSH.com

If you're a teenager who's too bashful to tell someone you've got a crush on them, eCRUSH.com will do the legwork for you. The site lets users anonymously make lists of people on whom they have crushes, and if two people list each other, then BAM! The site notifies them, and it's time for some hot hand-holding action. Hearst Media bought the site in 2006, and it now resides in the company's portfolio along with papers like the San Franciso Chronicle and magazine titles like Esquire. This sort of site probably wasn't what William Randolph Hearst envisioned when he started his publishing empire, but hopefully everyone will agree that it could really help spice up any sequels to Citizen Kane.

5. Metro Fiber & Cable Construction

This Toledo contractor can service all of your fiber-optic installation needs. It's also a subsidiary of Block Communications, which publishes Toledo's daily The Blade as well as the Pittsburgh Post-Gazette.

6. The Scripps National Spelling Bee

The E.W. Scripps Company publishes 15 newspapers, including the Rocky Mountain News and the Knoxville News-Sentinel. It also owns and operates an asset that's probably more familiar to anyone who's flipped through ESPN in May or June: the Scripps National Spelling Bee. Scripps now runs the bee, which started in 1925, on a not-for-profit basis in conjunction with several hundred sponsors. It proudly touts itself as the nation's largest and longest-running educational promotion.

How Expensive Is Your Drunk Shopping Habit?

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iStock

A night of heavy drinking can lead to more than just nausea and a killer headache the morning afterward. It can also leave you with a credit card bill for some taxidermied alligator head you don't remember buying on Amazon. This is all thanks to tipsy shopping, which, according to a recent survey conducted by the Archstone Recovery Center, may be more expensive than you think.

Drunk Americans may be spending as much as $30 billion annually while shopping online, The Daily Dot reports. A separate survey conducted in February 2018 by the website Finder suggests as many as 46 percent of people have made a purchase while under the influence. Those drunk purchases add up: According to Finder’s research, Americans spend an average of $447.57 per year shopping while buzzed.

Gin is apparently the most dangerous alcohol for your wallet, according to the Archstone Recovery Center. Gin drinkers in Archstone’s survey spent the most on Amazon shopping sprees—an average of $82.40—and they were also likely to splurge on more expensive items (an average of $235.10 for the most expensive purchase). Whiskey drinkers, on the other hand, spend the least amount of money when they’re drunk ($38.84 on average), but they’re right behind gin drinkers in terms of splurging ($204.70 for the priciest Amazon orders).

But who spends more while drunk shopping on Amazon? Women, says Archstone, who spend an average of $45.39 on a drunk shopping spree (men spend an average of $39.87). Men spend more than women on their most expensive splurges, though ($198.27 and $154.81, respectively).

People regret some purchases more than others, Archstone says. Almost 67 percent of people in the survey regretted purchasing cell phones and phone accessories, and 34 percent regretted purchasing books. On the other hand, nobody regretted buying musical instruments, and a full 93 percent said they enjoyed their purchases of pet supplies.

Archstone’s survey wasn’t exactly scientific. According to the center’s methodology report, the study surveyed 1094 people, and the only qualifier for participation was that subjects had to have purchased an item on Amazon while drinking alcohol.

But the results are fascinating, and it’s a good reminder that shopping—like driving, texting, and exercising—is better left for when you’re sober.

[h/t The Daily Dot]

The Average Age When People Become Millionaires

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iStock

If you start investing in a retirement plan early in your career, you don’t have to bring home an insanely high salary to become a millionaire—eventually. (Thank you, compound interest.) The average age when bank accounts reach the seven-figure mark is in a person’s late 50s, according to Business Insider and The New York Times.

The average age when women become millionaires is slightly lower than the average age for men, despite the persistent wage gap in the workforce. For women, the average age is 58.5 years old, while for men, the age is 59.3. Or at least that’s the case for people with Fidelity 401(k) retirement plans, according to the investment firm’s research. That means that millionaires are reaching that milestone several years before the usual retirement age of 66 to 67 years old.

Nevertheless, how much money you need to retire comfortably varies based on your current salary, your expenses, and the number of years you’ll be living off your nest egg. Many financial advisers say you should aim for $1 million or more, which will hopefully last you through a 30-year retirement.

Reaching that million-dollar mark may seem like a long shot, but Fidelity has found that more and more of its savings plan customers have become millionaires in recent years. One of the firm’s recent analyses found that 133,000 of its customers had $1 million or more in their accounts in 2017, compared to 89,000 in 2016. (The company oversees 401(k) accounts for around 15 million people, so that’s not exactly a huge portion of its customers, though.) Between 2005 and 2017, the number of women who had $1 million in their retirement accounts doubled.

Fidelity attributes this increase to people putting more money away for retirement than in past decades. On average, the firm’s customers making less than $150,000 a year become millionaires by saving around 22 to 25 percent of their salaries in retirement funds, including employer matches. That may seem like a lot if you aren’t making a six-figure salary, but keep in mind that the earlier you start saving, the more your money grows. Investing just a little money in your 20s is a more effective way to save for retirement than investing a lot of money in your 30s and 40s. So if you want to become a millionaire (and who doesn’t?), now would be a good time to start investing in that 401(k).

[h/t Time]

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