New York Times taking bids on Boston Globe

June 10, 2009 6:52:22 AM PDT
The New York Times Co. has hired Goldman Sachs to manage the possible sale of The Boston Globe, the financially struggling newspaper reported Wednesday.

The Globe, citing two potential buyers who wished to remain anonymous, reported Wednesday that Goldman Sachs has begun accepting bids for the 137-year-old newspaper. That was before the Boston Newspaper Guild, the Globe's largest union, voted Monday to reject $10 million in pay and benefit cuts demanded by the company.

The company responded by cutting pay 23 percent.

The Globe lost $50 million last year and is on track to lose $85 million this year.

A Globe spokesman declined comment Wednesday. A Times Co. spokeswoman said the company does not comment "on rumors concerning potential acquisitions or divestitures."

Morey money-related links:

Follow Action News on Twitter

Get Action News on your website

Follow Action News on Facebook

Click here to get the latest Philadelphia news and headlines from across the Delaware and Lehigh valleys.


Load Comments