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The New York Times has enlisted Goldman Sachs to explore a sale of its New England Media Group, which owns the 137-year-old Boston Globe and other media assets.
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James McHuff Newspapers |
That confirmed longstanding speculation that the media conglomerate -- which is fighting a severe loss of advertising revenue and also has hundreds of millions of dollars of debt coming due in the next few years -- had been looking to sell the Globe.
The New England Media Group also includes the Worcester Telegram & Gazette, its website, and the Globe's website, the New York Times Co said in a filing with the U.S. Securities and Exchange Commission.
According to the Globe, two Boston groups had offered early bids to buy the Boston Globe.
One group included Stephen Pagliuca, co-owner of the Boston Celtics basketball team and a top executive at private equity company Bain Capital, the Globe reported.
It also included former advertising executive Jack Connors, who previously worked with ex-General Electric [
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] Chief Executive Jack Welch to buy the paper, the Globe said.
Stephen Taylor, part of the family that sold the Globe to the Times for $1.1 billion in 1993 and a former Globe executive, leads the other group, the Globe reported.
Both groups have been interested in buying the paper, Reuters has previously reported.
The Times [NYT
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] has been selling or trying to sell multiple assets, including, most recently, its classical music radio station in New York City.
It also wrested $20 million of annual savings from unions at the Globe and threatened to close the paper when the largest union balked at accepting $10 million of the cuts. Now that the union has agreed, the Times can present a more positive financial picture to potential bidders.
Data is a real-time snapshot *Data is delayed at least 15 minutes