'The Boston Globe' May Be Sold
The Boston Globe reports that the owners of the paper have hired an investment bank to manage a potential sale of the newspaper. The paper has been in business for 137 years.
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STEVE INSKEEP, host:
NPR's business news begins with the uncertain future of The Boston Globe.
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INSKEEP: Boston's leading newspaper could be up for sale. Our source for that information is The Boston Globe. It says its owner, The New York Times Company, has hired the investment bank Goldman Sachs to solicit offers for the Globe. The Times bought the Globe back in the '90s for more than $1 billion and its value has since gone down sharply. The Times itself is also on this story.
The New York Times reporting that executives have been interested in selling the Globe, but a sale would be impractical until expenses at the newspaper, the Boston paper, were lowered and contract disputes resolved as well. After weeks of negotiations that ended with no agreement, The Times this week imposed a 23 percent pay cut at the Globe.
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