NY Times Co. seeks Globe bids (Dinosaur Media DeathWatch™)

Boston Glob ^ | June 10, 2009 | Keith O'Brien

[abb]

The New York Times Co. has hired an investment bank to manage the possible sale of The Boston Globe, and the company plans to request bids for Boston's major daily in the next couple of weeks, according to two people who say they may make offers on the newspaper.

The Times Co., which has declined to comment in recent months on whether it is selling the Globe, has hired Goldman Sachs, the same Wall Street investment bank the Times Co. has hired to sell its 17.5 percent stake in the Boston Red Sox, the potential bidders say.

In recent weeks, Goldman Sachs representatives have told interested parties that the Times Co. would begin accepting bids for the Globe after June 8, no matter which way the Boston Newspaper Guild, the Globe's largest union, voted on $10 million in pay and benefit cuts demanded by the company.

"The New York Times has indicated to interested buyers that once the June 8 vote had taken place, once everybody knew what was going to happen -- up or down -- they would expect bids a couple weeks later," said one of the interested buyers. Both requested anonymity because they are not ready to speak publicly about the potential sale.

"That doesn't mean they have said they are going to sell it. They've just said they are willing to entertain bids. But it sure indicates an interest," said one potential bidder.

This same person said bids would be taken on "any and all" New England properties, including the Globe and the Worcester Telegram & Gazette. The other potential buyer added that the process may take some time, with the Times Co. "exploring options over the summer."

Both Times Co. and Globe executives declined to comment yesterday.

snip

[abb]

http://www.magazinedeathpool.com/
JazzTimes put into deep freeze cryogenics capsule

http://www.wordyard.com/
Chronicle of an industry death foretold

[skikvt]

I bid: ONE HUNDRED BILLION DOLLARS!!!

(zimbabwe dollars)

[abb]

Well, since I'm from Louisiana, here's my bid.

The reverse side of this note bears the French word dix, meaning ten. Non-French speakers called the notes "dixies." This is one possible explanation for the origin of the term Dixie, popularly applied to the southern United States.

[abb]

A more better bid.

[101voodoo]

I understand the process but the idea of a Chapter X1 is to hold off the creditors until an attempt at a reorganization can be attempted. Part of this process includes a renegotiation of existing employment contracts. If it falls apart and liquidation is necessary then of course you are correct in that assets go to the creditors.

[abb]

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003981960

Newspaper Guild President: ‘Mistakes Were Made’

[Mr. Lucky]

You’re right, it’s just that the pre-bankruptcy owner isn’t the post bankruptcy owner.

[abb]

http://hosted.ap.org/dynamic/stories/O/OR_REGISTER_GUARD_CUTS_OROL-?SITE=ORMED&SECTION=HOME&TEMPLATE=DEFAULT
Eugene paper lays off 21 in budget cuts

[catnipman]

"The Boston Globe buggy whip franchise - the brand of Boston Globe buggy whip journalism - is extremely valuable," Fiedler said. "Right now, it just has to find the business model to sustain it."

[Tex-Con-Man]

How ‘bout Ted Kennedy take “The Globe” for a ride in an Oldsmobile?

[Loyal Buckeye]

I think what Mr. Lucky is suggesting is that ownership of the bankrupt entity, which is different than ownership of its assets, would pass to the creditors.

It would be interesting to see the lineup of the creditors of a bankrupt Boston Globe. Employees, trade creditors, probably The New York Times Company, and others would be the new owner group. My guess is The Times would lose control and, accordingly, would no longer have any interest of having any continuing involvement with The Globe.

[abb]

[abb]

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a7IQm1.s8.f4
E.W. Scripps Considering Charging for Some Internet Content

http://www.google.com/hostednews/ap/article/ALeqM5gndiLOak1YIpJF4ZGr6vmjun-weAD98NSLSG2
USA Today to introduce digital edition, for a fee

[abb]

http://www.cnbc.com/id/31190759
Tribune Responds: Zell Still Chairman

[MrEdd]

Maybe there isn’t one born every minute after all.

[abb]

http://finance.yahoo.com/news/Globe-dispute-with-NY-Times-apf-15494194.html?.v=3
Globe dispute with NY Times riles Bostonians

http://www.boston.com/business/ticker/2009/06/sulzberger_resp.html
Sulzberger responds to concerned Globe reporters

http://www.poynter.org/column.asp?id=45&aid=165020
Globe staff invites Sulzberger to meet in Boston

http://www.bostonherald.com/news/columnists/view/2009_06_10_How_many_journalists_does_it_take_to_kill_the_Globe__A:_140/
How many journalists does it take to kill the Globe? A: 140

http://www.thewrap.com/article/strategy-expert-talks-newspaper-strategies_3564
A Strategy Expert on the Future of Newspapers

http://www.thewrap.com/article/5-ways-save-newspapers_3559
From Paywalls to Incentives for Writers, There’s Still Hope Left

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003982125
UPDATE: Sulzberger Responds to Appeal from ‘Boston Globe’ Reporters, Dialogue Develops

[andyandval]

Boston Newspaper Guild President Dan Totten could not be reached for comment Wednesday.

lol!

[abb]

http://www.poynter.org/column.asp?id=123&aid=165005
A Globe Sale in the Offing? Hope vs. Reason

[GOPJ]

thanks for the ping

[2111USMC]

Ownership of the stock passes to the creditors in a bankruptcy. (well, at least in pre-Chrysler bankruptcies)

Financial contract law is so passe'!