BOSTON – The Boston Globe’s ownership has pushed back the deadline for potential buyers to submit their initial bids to buy the troubled newspaper, Bloomberg News reported.
The New York Times Co. had initially wanted to receive bids for The Globe today, but has postponed the deadline until at least July 20, Bloomberg reported. That is the day the Boston Newspaper Guild is scheduled to vote on a new contract that management says would reduce the money-losing paper’s costs by $10 million this year. The Guild rejected a previous contract last month.
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A number of prominent Bostonians are rumored to be interested in buying the newspaper if the price is right, according to reports in The Globe and elsewhere. The sale is being handled by Goldman Sachs & Co.
The Times Co., which bought The Globe for $1.1 billion in 1993, threatened to close the paper this spring but has backed off that threat after most of The Globe’s unions agreed to contract concessions. The paper also has raised prices, cut salaries and consolidated printing operations, Bloomberg said.
The Globe lost 14 percent of its average weekday circulation in the six months that ended March 31, according to the Audit Bureau of Circulations. Revenue at The Times Co.’s New England Media Group, which also includes the Worcester Telegram & Gazette, was down 21 percent year over year in the first quarter.
