Jul 2009 31


Two brazen Boston bidders have actually put in bids for the teetering Boston Globe! If our quick math is right, the bids should be in the area of… negative $96 million.

Here’s how the Globe describes its own balance sheet, roughly:

Real estate value: $48 million
Projected losses this year: $85 million
Total pension liabilities: $59 million

Mix those together mathematically and you’ll see that a new owner could just eke out a profit if they were paid $100 million to take the Globe off the NYT Co’s hands! Not that we are actually mathematicians. But perhaps these people are:

One group is led by Boston Celtics co-owner and Bain Capital executive Stephen G. Pagliuca and Jack Connors, the chairman of Partners HealthCare and a former advertising mogul. The other is led by Stephen E. Taylor, a former Globe executive and member of the family that sold the Globe to the Times Co. in 1993 for $1.1 billion.

If the original owners get it back, it would really help highlight just how completely the Sulzbergers got taken in this deal. And imagine, just a week ago the company was refusing to comment on “whether” they were planning on selling this paper. Jokers!

(Gawker) (Boston Globe)

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