Boston ponders future of Globe (Dinosaur Media DeathWatch™)

Boston Glob ^ | April 8, 2009 | Keith O'Brien

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With The New York Times Co. threatening to close The Boston Globe if the Globe's unions don't accept $20 million in concessions, the fate of the paper has become a conversation starter - and stopper - among those near the nexus of power and money in this town. Who, the question goes, might be lining up to buy the newspaper and possibly stave off a shutdown?

"A lot of people ask me whether I'm going to figure out a way to buy it," said Ben Taylor, former publisher of the Globe. But Taylor, like others thought to be considering the Globe's future these days, just shakes his head. "I tell them exactly what I've told you. I'm not even sure it's for sale, and I'm not actively pursuing anything here."

Speculation runs rampant, and down predictable paths: to members of the extended Taylor family or others connected to their era of Globe ownership; to some who voiced interest in the past, such as former Boston advertising maven Jack Connors, who says he's not currently involved in any discussions about purchasing the Globe. Other names crop up, but denials beget denials, or total silence.

"It's been very, very low-key conversation, nothing of a concrete nature," said John Fish, chief executive of Suffolk Construction Co., who's heard whispers about interested buyers in recent days, but is not considering buying the Globe himself.

The question is seen as, at least, premature, given that the Times's ultimatum to Globe unions has yet to play out. And still, the hope lingers, said Steve Grossman, a Newton resident, former chairman of the Democratic National Committee, and major local philanthropist, that some well-heeled Bostonian - or a group of them - will make sure the Globe doesn't close down.

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Read this one carefully, including comments. The end of their World is nigh and nothing can be done about it.

http://cancelthebee.blogspot.com/
Look for another round of layoffs at McClatchy in June... company is on verge of violating debt covenants

[ken5050]

The problem isn’t the bank covenants...the banks won’t foreclose..because they don’t want the company..and the assets are worthless....as compared to the debt...they will file when they can’t borrow anyomore, other than via debtor-in-possession financing...