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Times Co. About Face: 'Boston Globe' No Longer for Sale
The New York Times Company is no longer trying to sell the Boston Globe, according to the Times' Richard Pérez-Peña. Apparently a bid made by an investor group led by Stephen E. Taylor was too small. Another, from Platinum Equity Partners, didn't advance.
At one point, New York Daily News owner Mort Zuckerman was also considering throwing his hat in the ring according to the Globe's Beth Healy in late July. Another group kicking the tires then was led by Boston Celtics owner Stephen G. Pagliucca and Jack Connors, the chairman of Partners HealthCare.
The Times Company purchased the paper in 1993 for $1.1 billion—the most ever paid for a single American paper, according to Reuter's Robert McMillan. Earlier this year, the New York Observer's John Koblin estimated the Globe's losses at $85 million in 2009 with a projected loss of $100 million in 2010.
The Times Company will be presenting its third-quarter earnings in a conference call with investors on October 22. Expect the Globe to be discussed.
Matt Haber is the media blogger for Portfolio.com.
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