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Non-Profit Option For Boston Globe Isn’t Getting A Lot Of Love

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Platinum Equity, the private equity firm that is still slashing away at costs at the San Diego Union-Tribune, is one of two bidders for the Boston Globe invited to on-site meetings, according to the paper, citing unidentified sources. Also invited, the Globe reports, the group led by former Globe digital exec Stephen Taylor; his family sold the Globe to the New York Times Co. (NYSE: NYT) in 1993 for $1.1 billion. Not on the list so far: the other local group that combined the forces of Stephen Pagliuca, a managing director for PE firm Bain Capital and Boston Celtics co-owner, and civic leader and former advertising exec Jack Connors—and, the Globe says, proposed a non-profit model.

Beverly Hills-based Platinum Equity, which also has surfaced as a possible bidder for Business Week, and the Taylor group each are believed to have bid about $35 million and agreed to assume the $59 million or so in pension liabilities for the Globe and the Worcester Telegram & Gazette, which is included in the sales package. Compare that to the non-profit idea that would combine investment with a foundation and it’s not hard to see why the Pagliuca-Connors team would not be invited to the next round.

Aug 21, 2009 8:35 AM ET

Boston Globe Photo: AP Photo/Eric J. Shelton


Posted In: Media & Publishing, Newspapers, Non-Profit, Money, M&A & Venture Capital, Mergers & Acquisitions, Companies, New York Times

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