New York Times Co., which is accepting bids for the Boston Globe Thursday, is likely to fetch a price that’s about a 10th of what it paid in 1993, a sign of the industry’s deterioration over the past two decades.
The bids are set to be in the range of $100 million, according to three people who asked not to be identified because the matter is private. The potential buyers include Rick Daniels, a former president of the Globe, and former Time Inc. CEO Jack Griffin, in partnership with cousins Steven and Ben Taylor, whose family once owned the newspaper, the people said.
Times Co. put the Boston Globe up for sale in February and hired Evercore Partners Inc. to manage the process, part of an effort to focus on its flagship New York Times media brand. The deal will include the Worcester Telegram & Gazette and a growing printing business.
The New York-based company, which bought the Globe for $1.1 billion 20 years ago, mostly in stock, is coping with an industrywide decline in advertising that has caused a drop in sales and stock prices. Its market capitalization has fallen 19 percent since the Globe acquisition, to about $1.6 billion, after reaching more than $8 billion in 1999.
http://www.moneynews.com/companies/york-times-boston-globe/2013/06/26/id/512154
[h=1]Profit at L.A. Times owner Tribune Co. plummets 41%[/h]
http://www.latimes.com/business/money/la-fi-mo-tribune-quarterly-results-20130628,0,2749161.story
Looks like the liberal rags are not doing so hot, it will be funny when the Koch brothers swoop in and buy them for dirt cheap.
The bids are set to be in the range of $100 million, according to three people who asked not to be identified because the matter is private. The potential buyers include Rick Daniels, a former president of the Globe, and former Time Inc. CEO Jack Griffin, in partnership with cousins Steven and Ben Taylor, whose family once owned the newspaper, the people said.
Times Co. put the Boston Globe up for sale in February and hired Evercore Partners Inc. to manage the process, part of an effort to focus on its flagship New York Times media brand. The deal will include the Worcester Telegram & Gazette and a growing printing business.
The New York-based company, which bought the Globe for $1.1 billion 20 years ago, mostly in stock, is coping with an industrywide decline in advertising that has caused a drop in sales and stock prices. Its market capitalization has fallen 19 percent since the Globe acquisition, to about $1.6 billion, after reaching more than $8 billion in 1999.
http://www.moneynews.com/companies/york-times-boston-globe/2013/06/26/id/512154
[h=1]Profit at L.A. Times owner Tribune Co. plummets 41%[/h]
http://www.latimes.com/business/money/la-fi-mo-tribune-quarterly-results-20130628,0,2749161.story
Looks like the liberal rags are not doing so hot, it will be funny when the Koch brothers swoop in and buy them for dirt cheap.