Bloomberg | Financial Times | Boston Globe
Bids for the Boston Globe are due Thursday, and Bloomberg’s Edmund Lee reports they’re likely to come in at around $100 million — a significant haircut given the $1.1 billion the New York Times Company paid for the Globe in 1993.
That’s about $200 million less than Aaron Kushner offered in 2011, Lee reports, and $400 million less than Jack Welch offered in 2006.
In the case of Kushner’s bid, “Times Co. turned down the offer because it didn’t include enough cash up front, according to another person, who also requested not to be named because the talks weren’t public,” Lee writes.
“Whoever is going to buy metro newspaper companies really needs deep pockets,” Ken Doctor told Emily Steel. “There will be another three to five hard years of pain, and the only way to preserve your news presence is essentially to invest.”
Globe reporter Beth Healy identified eight potential bidders last week, though she’s since reported that the Kraft Group, which also owns the New England Patriots, has decided to pass.
Previously: Report: Boston Globe bidders include Doug Manchester, Patriots’ owners
