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Posts Tagged ‘Stephen Taylor’

At Least Two Bidders Still Interested In Boston Globe

boston-globe-logo.jpgToday, The Boston Globe has an update on its own sale process.

The Boston paper reports that two potential buyers have offered to pay around $35 million for the Globe and the Worcester Telegram & Gazette, and have visited the paper in the past five days.

One group is led by Stephen Taylor, whose family used to own the Globe before selling it to The New York Times Co. The other group is private equity firm Platinum Equity, which purchased The San Diego Union-Tribune earlier this year.

Since the potential sale was revealed over the summer, another party headed by Boston Celtics co-owner Stephen Pagliuca and Jack Connors, chairman of Partners HealthCare, was said to be interested in the Globe. However, today the Globe reports that Pagliuca and Connors made the lowest bid for the paper and have not taken a tour of the facilities in recent days. Pagliuca and Connors could be pulling out of the bidding as Pagliuca considers running for Sen. Edward Kennedy‘s Senate seat. If he runs, owning a newspaper could be a conflict of interest, the paper said.

Final bids are due at the end of the month.

Last week, Times Co. executives Arthur Sulzberger Jr. and Janet Robinson visited the Globe in an effort to calm employees’ fears about the future of the paper.

“Our hand is not being forced,” Sulzberger told the Boston employees, adding that the decision to sell would take a number of factors into consideration, including the impact a sale would have on the paper and the Boston community.

Two bidders visit Globe; third group may drop outBoston Globe

Earlier: Sulzberger, Robinson Try To Calm Boston Globe Employees’ Fears In Meeting Today

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Glenn Beck Loses More Advertisers|Sports Reporters Take A Gamble|Taylor The Favorite For Globe|Is Kushner Looking To Sell The Observer?|Consumerist Probes Cash4Gold

AgencySpy: Glenn Beck has lost a total of 57 advertisers.

Editor & Publisher: Ironic news of the day: a survey has found that 40 percent of sports reporters say they bet on sports, with 5 percent betting on sports they cover.

Boston Herald: Stephen Taylor may be the favorite to buy The Boston Globe from The New York Times Co., experts say.

Gawker: Is Jared Kushner looking to dump The New York Observer?

The Wrap: Consumer rights blog Consumerist.com is not one to take a legal threat lying down. After Cash4Gold added the site to its lawsuit against two former employees in an effort to remove criticism of the company from the Web, Consumerist wrote its first investigative piece ever about the company’s practices.

What The Globe Can Expect If Platinum Equity Buys

gores.jpgLast week, The Boston Globe revealed that its owner, The New York Times Co., had been approached by a third group of potential buyers interested in purchasing the beleaguered New England paper.

According to the Globe, the potential buyer is investment firm Platinum Equity, run by billionaire Tom Gores. The firm has already delved in to the news business with the purchase of The San Diego Union-Tibune earlier this year. And what Platinum and Gores did at that paper may come to bear if they get a stab at the Globe.

In a profile of Gores and Platinum this weekend the Globe said the purchase of the Union-Tribune resulted in aggressive cost-cutting, a Platinum signature:

“Platinum has replaced or laid off six of the Union-Tribune‘s top eight managers since taking over, and it cut 18 percent, or 192 people, of the staff three days after the deal was completed. It has also hired consultants to monitor the productivity of reporters and editors and is looking to rent out the top two floors of the newspaper’s headquarters.

“There are fewer news pages, a stand-alone Sunday opinion section has been eliminated, and some of the paper’s most seasoned journalists are gone. Newsroom staffing is about 200 employees, down from 250 at the time of the sale, and another round of layoffs is expected next week…”

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Times Co. Admits Boston Globe Is Up For Sale While San Diego Paper Owner Makes Bid

boston-globe-logo.jpgToday we have two updates on the possible sale of The Boston Globe, both coming from the Globe itself.

Last month, Globe owner the New York Times Co. avoided the question of whether the Globe was up for sale while reporting its second quarter earnings. During a conference call, CEO Janet Robinson said the Times Co. would not comment on rumors of a sale, but noted that cost cutting measures and increased newsstand pricing had helped “put it on stronger financial footing.”

However, yesterday the Globe reported that the Times Co. had revealed the sale in a quarterly report filed with the SEC. In the filing, the company said it had hired Goldman, Sachs & Co. “to explore the potential sale of its New England Media Group,” which includes the Globe and the Worcester Telegram & Gazette, as well as their Web sites, the Globe said.

Then today, the paper said that California buyout firm Platinum Equity, which recently purchased the San Diego Union-Tribune, had made a $35 million bid for the Globe to the Times Co. last week. The offer also included the assumption of $59 million in pension liabilities, the Globe added.

Platinum’s bid is the third received by the Times Co., according to the Boston paper. The other two bids came from two Boston-based groups, one led by Boston Celtics co-owner Stephen Pagliuca and former ad exec Jack Connors, and the other headed up by Stephen Taylor, a former executive at the Globe and a member of the family that sold the paper to the Times Co. in 1993.

Earlier: Businessmen With Boston Roots Come To Globe‘s Rescue