Boston business locals not interested in Globe purchase
Posted by Simon Day on April 28, 2009 at 6:29 AM
Several Boston business moguls have been approached regarding the purchase of the Boston Globe; however, little interest has been received by the struggling paper, the Boston Herald reported on Tuesday.
Globe owner the New York Times Co. said it expects the Globe register a loss of around US$85 million this year on top of $50 million loss in 2008. The Times Co. has threatened the newspaper with sale unless it can get $20 million in concessions from its unions before the end of this week.
Globe owner the New York Times Co. said it expects the Globe register a loss of around US$85 million this year on top of $50 million loss in 2008. The Times Co. has threatened the newspaper with sale unless it can get $20 million in concessions from its unions before the end of this week.
Herb Chambers, a local auto businessman, told the Boston Herald he was offered the opportunity to buy the Globe but turned down the offer. "If we were still big advertisers in the Globe, maybe it would make sense, but it would be an expensive proposition. I really don't have any interest."
John Fish, the head of Suffolk Construction, said business leaders in Boston have discussed "whether someone would step in and buy it." Fish told the Boston Herald that although he hopes the paper will find a local buyer, it will not be him.
Robert Kraft, owner of NFL team the New England Patriots, was offered up as a potential purchaser but was said to be uninterested after a Kraft family source revealed he "kicked the tires and ran away," according to the Boston Herald.
The Times Co. originally bought the Globe in 1993 for $1.1 billion and valued it at around $600 million a couple of years ago. The current price tag is at about $130 million.
While takers for the Boston Globe are few, not all investors have avoided newspapers. Last month, California-based Platinum Equity agreed to purchase the San Diego Union-Tribune for an undisclosed amount, although the deal is not completed, the Boston Herald reported.
John Fish, the head of Suffolk Construction, said business leaders in Boston have discussed "whether someone would step in and buy it." Fish told the Boston Herald that although he hopes the paper will find a local buyer, it will not be him.
Robert Kraft, owner of NFL team the New England Patriots, was offered up as a potential purchaser but was said to be uninterested after a Kraft family source revealed he "kicked the tires and ran away," according to the Boston Herald.
The Times Co. originally bought the Globe in 1993 for $1.1 billion and valued it at around $600 million a couple of years ago. The current price tag is at about $130 million.
While takers for the Boston Globe are few, not all investors have avoided newspapers. Last month, California-based Platinum Equity agreed to purchase the San Diego Union-Tribune for an undisclosed amount, although the deal is not completed, the Boston Herald reported.
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