Today, The Boston Globe has an update on its own sale process.
The Boston paper reports that two potential buyers have offered to pay around $35 million for the Globe and the Worcester Telegram & Gazette, and have visited the paper in the past five days.
One group is led by Stephen Taylor, whose family used to own the Globe before selling it to The New York Times Co. The other group is private equity firm Platinum Equity, which purchased The San Diego Union-Tribune earlier this year.
Since the potential sale was revealed over the summer, another party headed by Boston Celtics co-owner Stephen Pagliuca and Jack Connors, chairman of Partners HealthCare, was said to be interested in the Globe. However, today the Globe reports that Pagliuca and Connors made the lowest bid for the paper and have not taken a tour of the facilities in recent days. Pagliuca and Connors could be pulling out of the bidding as Pagliuca considers running for Sen. Edward Kennedy’s Senate seat. If he runs, owning a newspaper could be a conflict of interest, the paper said.
Final bids are due at the end of the month.
Last week, Times Co. executives Arthur Sulzberger Jr. and Janet Robinson visited the Globe in an effort to calm employees’ fears about the future of the paper.
“Our hand is not being forced,” Sulzberger told the Boston employees, adding that the decision to sell would take a number of factors into consideration, including the impact a sale would have on the paper and the Boston community.
Two bidders visit Globe; third group may drop out —Boston Globe