Investor group seeking to buy Boston Globe from Times Co

Oct 20, 2010
A group of investors is seeking to buy The Boston Globe from its owner, The New York Times Co., which tried unsuccessfully to sell the struggling newspaper last year, the Globe reported Wednesday.

A group of investors is seeking to buy The Boston Globe from its owner, The New York Times Co., which tried unsuccessfully to sell the struggling newspaper last year, the Globe reported Wednesday.

The Globe said the group of more than a dozen and management specialists known as the "2100 Trust" was led by Aaron Kushner, owner of a greeting card company.

The Globe said the 2100 Trust was interested in acquiring the entire New England Media Group unit, which includes the , Boston.com, and a central Massachusetts newspaper, the Worcester Telegram & Gazette.

Kushner, in an interview with the Globe, declined to name a purchase price.

"We are putting together the business model of taking what is an important community organization and reverse the cycle and have it growing," he said.

"If the Globe was achieving even half its potential, it would be of much greater import and impact," Kushner said.

The Times Co., whose holdings include The and International Herald Tribune in addition to The Boston Globe, sought a buyer for the Globe last year but failed to receive bids attractive enough to merit a sale.

A Times Co. spokeswoman, Abbe Serphos, told the Globe the company does "not comment on rumors of acquisitions or divestures.

"The Boston Globe is an important part of The New York Times Company," she added. "The Globe has made excellent progress and is on solid financial footing. Its continued digital and print progress signals a strong future."

The Times Co. bought the Boston Globe for 1.1 billion dollars in 1993 but the value of the newspaper has plummeted since then, along with the fortunes of the US newspaper industry.

Like other US newspapers, the Globe has been grappling with a steep drop in print advertising revenue, steadily declining circulation and the migration of readers to free news online.

The Times Co. purchased the Worcester Telegram & Gazette for 295 million dollars in 2000.

In a statement, the 2100 Trust said The Boston Globe has been "a pillar in the city, the Commonwealth and the region for more than a century.

"We believe that The Boston Globe's strongest days can be ahead. This will require the significant long-term investment that we intend to make," it said.

"One of the principal areas of investment will be the newsroom, which is due for a significant increase," the 2100 Trust added.

Explore further: India on tap as first market for Microsoft Lumia 535

add to favorites email to friend print save as pdf

Related Stories

Boston Globe to launch paid website

Sep 30, 2010

Taking a page from its parent company The New York Times Co., The Boston Globe will begin charging for full access to its website next year, the newspaper announced on Thursday.

NY Times postpones threat to close Boston Globe

May 04, 2009

The New York Times Co. on Monday postponed its threat to close the Boston Globe after reaching agreement with six of the seven unions at the newspaper on cost-saving measures.

NY Times selling radio station for 45 mln dlrs

Jul 15, 2009

The New York Times Co., which has been seeking to raise cash to pay down its debt, announced plans on Tuesday to sell a New York City radio station for 45 million dollars.

Recommended for you

EU Parliament votes to break up Google

9 hours ago

The European Parliament voted overwhelmingly for the break-up of Google Thursday in a largely symbolic vote that nevertheless cast another blow in the four-year standoff between Brussels and the US Internet ...

Toyota finds new air bag issue, recalls more cars

14 hours ago

Toyota Motor Corp. recalled more than 40,000 vehicles in Japan on Thursday as part of a worldwide scare over defective air bags and is investigating a new type of air bag problem that could lead to further recalls.

Netflix sues Yahoo CIO for alleged kickbacks

Nov 26, 2014

Netflix is suing a former company vice president who is now chief information officer at Yahoo, accusing him of receiving money from vendors he hired to work with the video streaming company.

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

tarheelchief
not rated yet Oct 21, 2010
One hopes the NY Times unloads the BostonGlobe.It is a marriage horse and donkey.

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.