BOSTON – The Boston Globe reported today that The New York Times Co. has retained Goldman Sachs to solicit bids for the 137-year-old daily.
In a story that quotes unnamed sources, the Globe reports that Goldman representatives have said the Times Co. would begin accepting bids after June 8, no matter which way the Boston Newspaper Guild voted on a proposed $10 million cut in pay and benefits.
The union rejected the offer by Globe management, at which point the company said that it would implement a unilateral 23 percent pay cut for the Guild’s nearly 700 members, because talks with the union had reached an “impasse.”
In response, the union has filed a complaint with the National Labor Relations Board, which has granted a June 16 hearing for the case.
The unnamed sources, identified only as potential bidders, indicated that the Times Co. would also entertain offers for the rest of its New England properties, including the Worcester Telegram & Gazette. The Times declined to comment on the story.
