New York Times Gets $100M Offer For Boston Globe
The New York Times has received a $100 million bid for the Boston Globe from a group that includes former Globe and GateHouse Media New England president Rick Daniels and managing director of Boston Post Partners Heberden Ryan.
According to the Wall Street Journal‘s Keach Hagey, the Times has been in quiet talks with the group for the past year. Hagey also said the Times was hoping Rupert Murdoch’s News Corp would make a bid for the Boston Globe, but “News Corp.’s ownership of a television station in Boston would rule out purchase of the Globe, given regulatory rules that prohibit companies owning a newspaper and a TV station in the same market.”
As previously reported by The Inquisitr, The New York Times put the Boston Globe up for sale Wednesday. The Worcester Telegram & Gazette, Boston.com, and the remainder of the New England Media Group are also up for sale.
The Times Company bought the Boston paper for over $1 billion in 1993, but has recently started to shed its non-Times related properties. While the Times has seen an increase in money from subscriptions versus revenue from ad sales, the Globe has had the reverse experience.
New York Times Co. vice chairman Michael Golden told Globe employees Friday that the company has “no intention to send the New England Media Group to the slaughterhouse.” Golden also said the company would take what it considers to be the best bid, and estimates for the properties ranged from $80 million to $120 million. Sources said the price could go as high as $150 million. The bid of $100 million is currently still on the table.