US: Local businessmen prepare to bid for Boston Globe
Two Boston businessmen have been working with investment bank JPMorgan Chase & Co. to prepare a bid for The Boston Globe. Retired General Electric chief exec Jack Welch and advertising exec Jack Connors would make no comment on the potential bid for their beleaguered hometown paper, which is owned by The New York Times Company. Despite the paper’s increasingly poor performance, the NYT Co. has repeatedly denied that the Globe is for sale.
Welch and Connor have denied to comment on the negotiations, but insiders have placed JPMorgan’s evaluation of the Globe at $550-600 million, nearly half the $1.1 billion the Times paid for the paper in 1993.
Executives close to the deal say that Welch, Connor, and Boston concessionaire Joseph O’Donnell have each pledged $25 million to the purchase. The rest of the bid will be assembled from local business people with allowances for debt and equity.
Source: The Boston Globe
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