Connors, Purcell not in Boston Globe deal
Both Boston Herald publisher Patrick Purcell and former Boston advertising executive Jack Connors separately flatly ruled out being involved in deals to buy the Boston Globe, which is owned by the New York Times Co. Connors further said he had no interest in buying the Times Co.'s stake in the Boston Red Sox.
The Times has put its 17.5 percent stake in the Red Sox up for sale, and recent news accounts have reported that the company has also offered to sell the Globe, too. The Financial Times reported last week that Connors was in talks with Times executives to buy the Globe and the Red Sox position.
"There's nothing to it,'' Connors told the Globe. "I'm not buying the Boston Globe. I'm not buying anything that the New York Times owns.''
The Financial Times story also reported on a possible scenario of News Corp., owner of the Wall Street Journal, merging its Ottaway newspaper chain with the Globe, and shutting down the Boston Herald. News Corp. does not own the Boston Herald, but Purcell was recently appointed as executive chairman of Ottaway.
But in a statement today Purcell said he had no discussions as Ottaway chairman "with any potential bidders" for the Globe and called the Financial Times story "completely unfounded and not rooted in reality." The sole owner of the Herald, Purcell said he was committed to keeping Boston a two-newspaper city.
Last week, the Globe and several other papers reported that the Times is actively seeking buyers for position in New England Sports Ventures LLC, the holding company that owns the Red Sox, Fenway Park and 80 percent of the New England Sports Network. In addition, the Wall Street Journal and Financial Times suggested the Times Co. might also include the Globe in any potential sale.
Times chief executive Janet Robinson said earlier this month that the media company would likely sell some assets as part of efforts to rebalance its portfolio, but was not specific.
The New York media company has been trying to raise cash before a $400 million credit line expires in May. Like most newspaper companies, it also has been battling a steep decline in advertising due to competition from Internet web sites and because of the global recession, spurring the companies to look for ways to cut expenses and sharpen its focus.
The Financial Times reported last week that the Times Co. "began discussions two weeks ago" with Connors to buy the Globe and its stake in the Red Sox. Separately, the Wall Street Journal reported that the Times Co. and the Sox reached out to Connors earlier this month to gauge his interest in buying the stake in the team, and potentially the Globe. Two years ago, Connors teamed up with former General Electric Co. chief executive Jack Welch to put together an unsuccessful bid to buy the Globe. Welch declined to comment.
(Todd Wallack and Thomas Farragher)
NYT should of sold it when they could. Now what?
Let's discuss if the Times Co. could go bankrupt:
Anyone?
Quote of the day:
I'm not buying anything that the New York Times owns
If the NYTimes Board had half a brain, and if they did this situation wouldn't have occured - they would SELL THE 17.5% TO THE PUBLIC.
The public would snap this up in a heartbeat - and then Sox management would have to deal with them as they go into the future. So what?
Wake up NYTimes Board members - sell your interest to the public - it will pay plenty.
The Globe's slide to the far left has alienated its one-time conservative and moderate readers, hence the loss in readership and advertising sales.
Welch, Connors and/or Purcells would, I'm sure, demand a more centrist approach for its news and editorial teams - bringing in more readers and more dollars.
Johnny-one-notes(i.e. haters) like Z Jackson and Wasserman would be out of work.
Incredible! (hopefully it is incredible because it will in fact not happen!)
For The New York Times Corporation even to contemplate selling The Globe
to Rupert is an outrage on a par with helping dubyah jaw-bone us into
a war.
'Take my slice please'
This is NOT insider trading. You don't need a press pass to see that Quick Draw and Baba Louie are in way over their heads.
Thought you might be interested
As the article states, Connors and Welch teamed up in a bid for the Globe in 2006. The deal never went anywhere, the implication being that the NYT wanted more than Connors and Welch were prepared to offer. Of course, the NYT today would gladly take what the two men offered then, but those days aren't walking through that door, folks. A buyer would be wise to just let the elevator fall further because any leverage is completely on their side. The media industry collapse is not going to reverse course as part of a normal business cycle, which is why such a hard stance can succeed.
Yeah, swimmer, sure - that's why the Herald always outsells the Globe, and the Massachusetts Congressional delegation consists of only neo-con, know-nothing Republicans. Along with the Legislature, the Governor's office, and the other statewide elected officials. It's why Rush Limbaugh outpolled Barack Obama on November 4th. And it's why Jeff Jacoby has won, what is it now, 5 Pulitzers?
I hope Purcell's non-interest is actual and not a smokescreen. The last thing I want to see happen to the Globe is to become another screaming tabloid clone like the Herald.
Last week Barclays Capital valued the Globe at between 12 and 20 million dollars. The NY Times bought the Globe for 1.1 billion dollars in 1993. Now I don't feel so bad about my investing skills.
Nothing against the Red Sox, because the franchise is a license to print money and very successful. But ...the Times is desperate to raise cash NOW and stave off backuptcy. The Great Gray Lady is on her last legs. And the Globe was never the same after the Times took over. It improved. but a far cry from its Pulitzer-Prize days of the 70s and 80s.
THE NT TIMES BOUGHT A BOSTON PAPER AND TRIED TO MAKE IT IN IT'S OWN IMAGE. BOSTONIANS WANT A BOSTON PAPER NOT THE NY TIMES. THE FIRST THING THE TIMES DID WAS FIRE A VERY SUCCESSFULL SPORTS WRITER (BARNICLE) AND LOST READERS . SINCE THEN THEY HAVE CONTINUED TO DO THE WRONG THING AN LOSE MORE READERS. THEY NEED TO MAKE THE GLOBE THE BOSTON GLOBE AGAIN. PS THEY PAID OFF THE GLOBE IN LESS THAN EXPECTED TIME FRAME
To rialto55
That was a misprint. The Globe has to be worth $200 million not $20 million.
To KEN
Mike Barnicle wasn't a sports writer.
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