The Boston Herald always delights in any adversity visited upon the Boston Globe. So it was no surprise that Wednesday’s Schadenfreude Gazette framed the upcoming sale of the stately local broadsheet in the least promising way possible.
It’s time to sell the Globe
Bids due tomorrow for daily as experts say price won’t be high
Tomorrow is D-Day at The Boston Globe, as bids for the newspaper’s pending sale are closed by parent company The New York Times, and analysts tell the Herald their expectations for a blockbuster selling price are low.
“I can’t believe it’s making much money, if any money,” said Edward Atorino, a media analyst with the Benchmark Company. “Circulation is declining. Advertising is struggling. Boston online hasn’t really set the world on fire.”
Media expert Ken Doctor of Newsonomics predicted the Globe could sell for between $75 million and $150 million — a far cry from the $1.1 billion the Times paid for the paper in 1993.
Oh, and on the way out, don’t forget to tweest:
[T]he Globe has frequently been little more than an afterthought to Times brass, said Atorino.
“I just don’t think Arthur Sulzberger spends a lot of time worrying about the Globe,” said Atorino.
Wednesday’s Financial Times also reported on the impeding sale, but in a slightly more positive tone (tip o’ the pixel to Jim Romenesko).
Bidders line up for Boston Globe sale
Bids for the Boston Globe and related New England media properties are due Thursday, bringing its owner the New York Times Company one step closer to shedding the big city newspaper that has long been a drag on its business.
A handful of local financiers and Boston personalities are expected to submit bids for the group of assets in the $100m range. Evercore Partners, which is managing the sale of the unit, has told people close to the talks that as many as eight parties have expressed interest.
Helpful – if startling – chart:
The Globe itself had nothing to say about the subject on Wednesday. We’ll keep you posted.