Today 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.
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