$200 million bid underway for The Boston Globe

Apr 29, 2011
The front of The Boston Globe in Dorchester, Massachusetts in 2009. The Boston Globe reported Friday that a businessman is preparing to offer more than $200 million to buy the struggling newspaper from its owner, The New York Times Co.

The Boston Globe reported Friday that a businessman is preparing to offer more than $200 million to buy the struggling newspaper from its owner, The New York Times Co.

The Boston Globe said Aaron Kushner will make a formal offer within the next few weeks for the Times Co.'s New England Media Group, which includes the Boston Globe, Boston.com, the Worcester Telegram & Gazette of central Massachusetts and Telegram.com.

"When we have all of the pieces in place to not just purchase but enrich the institutions, we look forward to making a formal offer," Kushner, a 38-year-old entrepreneur, said in a statement to the .

The Boston Globe said Kushner, the founder of an Internet company and Marian Heath Greeting Cards Inc., was discussing the venture with other business executives from Boston and elsewhere in New England.

The Times Co., whose holdings include The and International Herald Tribune in addition to The Boston Globe, sought a buyer for the Globe in 2009 but failed to receive bids attractive enough to merit a sale.

The Times Co. bought the for $1.1 billion 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 in 2000.

Explore further: US newspaper industry revenue fell 2.6 pct in 2013

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.

New York Times net profit dips 26 percent

Feb 03, 2011

The New York Times Co. on Thursday reported a 26-percent drop in quarterly net profit as an increase in digital advertising revenue failed to make up for what it lost in print ads and circulation.

Recommended for you

US venture investments highest since 2001 (Update)

15 hours ago

Funding for U.S. startup companies soared 57 percent in the first quarter to a level not seen since 2001, as venture capitalists piled more money into a growing number of deals, according to a report due out Friday.

Weibo IPO below expectations, raises $285.6 mn

Apr 17, 2014

Sina Weibo sold fewer shares than expected in its US IPO which was priced below expectations ahead of a Thursday listing that takes place after tech selloffs on Wall Street.

User comments : 0

More news stories

LinkedIn membership hits 300 million

The career-focused social network LinkedIn announced Friday it has 300 million members, with more than half the total outside the United States.

Treating depression in Parkinson's patients

A group of scientists from the University of Kentucky College of Medicine and the Sanders-Brown Center on Aging has found interesting new information in a study on depression and neuropsychological function in Parkinson's ...