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 paperâ€™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…”