Global Biz
New York Times calls off sale of Boston Globe
(Agencies)
Updated: 2009-10-15 14:17
The Globe, citing anonymous sources, reported that two groups made preliminary bids and visited the newspaper's headquarters in September.
One group was led by Stephen Taylor, a member of the family that sold the newspaper for $1.1 billion to The New York Times Co. in 1993. The other was Platinum Equity, a private equity investment firm which purchased The San Diego Union-Tribune in May.
A spokesman for Beverly Hills, California-based Platinum Equity declined comment, saying the company does not discuss prospective acquisitions. Taylor did not immediately return a call seeking comment Wednesday.
Scott Allen, a Globe reporter, said while some staffers might have hoped for a sale during the painful labor negotiations, it became evident as the newspaper's financial situation improved that the Times Co. might well remain as owners.
"It's good that this process is over, it's good that we can start planning for the future again, but we don't want the New York Times to forget how much we sacrificed to turn the Boston Globe around and they need to acknowledge that in deeds and not just in words," said Allen.
Robinson was scheduled to hold an "employee town hall meeting" in Boston on Thursday.
The Times Co. had said the Globe's operations were on track to lose $85 million this year before unionized workers agreed to concessions.
