Corporate News: Former Owners Explore Bid for Boston Globe
The Taylor family is considering making an offer to buy the Boston Globe from the New York Times Co., after they sold it in 1993. Jack Griffin, the former chief executive of Time Inc. and current president of Empirical Media, has been in talks with members of the family to make a bid for the publication. New York Times Co. hired Evercore Partners to manage the sale of the New England Media Group, which includes the Boston Globe, and initial bids are due on April 18. This is the latest attempt that the Taylor family has made to reacquire the paper, after a $35 million bid fell through in 2009.
The profitability of newspapers seems to be in grave danger as many consumers look to the Internet for news updates, which is why I question the family’s judgment in this deal. Even The New York Times, one of the most recognized publications in the world, has been struggling to adapt to the popularity of the Internet. Whether the Taylor family can solve this issue remains to be seen, but the task is certainly one that companies across many industries are forced to face.
Written by: Constantine Kostikas
Source: The Wall Street Journal