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Posts Tagged ‘Rick Daniels’

Who Will Buy the Boston Globe?

For east coast media watchers, that’s a big question today, the deadline for getting a bid in to the Boston Globe‘s NYT parent company.

Emily Steel, U.S. media and marketing correspondent for the Financial Times, shared a definitive rundown Wednesday of today’s likely bidders. Today, it’s the turn of Stacey Vanek Smith, a senior reporter for Marketplace Morning Report:

Bids for the Globe are expected to be in the $100 million range. The New York Times company paid more than a billion dollars for the publication 10 years ago.

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Seven Buyers to Bid for Boston Globe

When The New York Times Company decided to put The Boston Globe up for sale, the list of rumored buyers almost immediately ballooned to about 700. Now, according to the Globe, that list has dwindled to seven.

With the June 27 deadline to submit offers looming, the following groups have emerged as likely buyers:

  • Jack Griffin and two members of the Taylor family
  • Former Globe president Rick Daniels and Heb Ryan
  • The Kraft Group, owner of the New England Patriots
  • Revolution Capital Group, a LA-based private equity firm
  • Najafi Cos., owners of the Phoenix Suns
  • Douglas Manchester, owner of the U-T San Diego
  • John J. Gormally Jr., Gormally Broadcasting

The Times company is looking to sell its New England Media Group, which includes the Globe and its web presence, but also The Worcester Telegram & Gazette and its site, the Globe’s direct mail business, and an almost 50 percent ownership of Metro Boston.

The Times bought the Globe in 1993 for $1.1 billion. The offers from the buyers listed above are expected to range between $70 and $120 million. That’s uh, close!

[Image: Newseum]