Buyer for Boston Globe rumored

A number of media outlets are reporting an offer for the Boston Globe by vulture/venture fund Platinum Equity, for $35 million cash and the assumption of $59 million in pension liabilities. This on an asset purchased by the New York Times for $1.2 billion, a billion dollar loss. Wonder if this is the kind of grim news the Aspers/Peladeau would get if they try to sell their newspapers in Canada (although the crunch here has been less severe.)

LA Times, August 7 2009

Fate of Boston Globe up in the air

Media news from south of the border just gets grimmer and grimmer by the day. A day after rejecting a package of cuts to wages and benefits, Boston Globe employees wait for the axe to fall. Owner New York Times is promising a 23 per cent wage reduction across the board. Among the benefits the union rejected was a lifetime job guarantee (who in this economic environment has a lifetime job guarantee?) Anyway, the matter is likely to go to the courts. Either way, things aren’t going to be good for the staff; the Times estimates the Globe loses $85 million a year.

Bloomberg, June 10 2009