Boston Globe may be sold after union rejects cuts
Posted by Emily Dilling on June 11, 2009 at 2:48 AM
Following a rejection by the Boston Globe's largest union of the concessions proposed by parent company The New York Times Co., reports are circulating that the Boston paper may be up for sale, NECN.com reported.
The Globe published an article declaring its parent company's intention to sell the paper in order to make up for losses linked to the unprofitable title. The paper has also reported that Goldman Sachs is working with the Times Co. to broker the sale if a buyer is found.
When asked to comment on the future of the Boston paper, money manager John Morris seemed optimistic, saying, "The Boston Globe is really one of those marquee brands" adding that not only could the paper's long tradition of publishing be attractive to potential buyers, but also the fact that "they also have Boston.com, which has some value as well," according to NECN.
The Globe published an article declaring its parent company's intention to sell the paper in order to make up for losses linked to the unprofitable title. The paper has also reported that Goldman Sachs is working with the Times Co. to broker the sale if a buyer is found.
When asked to comment on the future of the Boston paper, money manager John Morris seemed optimistic, saying, "The Boston Globe is really one of those marquee brands" adding that not only could the paper's long tradition of publishing be attractive to potential buyers, but also the fact that "they also have Boston.com, which has some value as well," according to NECN.
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