The hardreading staff usually restricts itself to the print editions of the local dailies, but we just can’t wait till morning for the bakeoff over the New York Times Co. plan to sell the Boston Globe.
So . . . from their respective websites.
Times Co. hires firm to find buyer for The Boston Globe
The New York Times Co. said Wednesday that it plans to sell the New England Media Group, including The Boston Globe and its related online properties, and has hired an investment banker to find a buyer.
The Times Co. has hired Evercore Group, a New York-based firm that has been involved in other newspaper transactions, to help solicit bids from potential buyers.
“Our plan to sell the New England Media Group demonstrates our commitment to concentrate our strategic focus and investment on The New York Times brand and its journalism,” said Mark Thompson, chief executive of the Times Co., in a statement.
And etc., including this: “The Times Co. last tried to sell the Globe in 2009, after first threatening to shut the newspaper down because it was losing money. After receiving wage cuts and other cost-saving concessions from Globe employees, the Times Co. decided not to sell at that time, saying it had received bids lower than it had hoped from two different business groups.”
Who – what – want to pony up more now?
(As best the hardremembering staff recalls, they were offering $35 million for what the Times Co. paid $1.2 billion to buy.)
Expanded Globe story here.
Cut to the Boston Herald:
The worst kept secret in town — that The Boston Globe is up for sale — became official yesterday when the paper’s New York owners publicly put it back on the block in a move that set off wild speculation about who will buy the beleaguered broadsheet and what’s in store for its staff.
The proposed sale — announced in a press release by its owner, The New York Times Co., that caught the Globe’s staff off guard — marks the second time the paper has been on the market since 2009. It also comes as key managers have jumped ship in recent months, among them editor Marty Baron and boston.com general manager Lisa DeSisto.
Industry experts predict it could be a tough sell for the Times, unless it takes on the tens of millions in Globe pension obligations.
Kevin Kamen, a newspaper broker from New York, estimates the Globe’s worth at $63 million, according to the Herald report.
Of course, Herald columnist Howie Carr values it significantly lower.
Clueless fops wonder why they’re tanking
Who in his right mind would ever buy The Boston Globe?
Maybe the physical plant of the “newspaper” on Morrissey Boulevard, but the actual product? Let me put it another way: When was the last time you bought an actual copy of The Boston Globe? Why would you, it only encourages them.
Has ever a publication fallen so far, so fast?
It’s the Carnival Triumph of the newspaper business. It’s the Patriots in the second half against the Ravens. It’s Tim Murray in his jammies, flooring his state Crown Vic as the stone wall looms up ahead.
It’s also Howie trying way too hard.
Then again, what else is new?