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]

To have a sale, one must have a buyer...

[abb]

ping

[jalisco555]

To have a sale, one must have a buyer...

Yep, the American taxpayer. It's the next bailout.

[101voodoo]

I wonder why the NYT doesn’t put the globe into bankruptcy,hold of the creditors, void all the union contracts and start again? If they can’t renegotiate favorable contracts with the union, simply shut the rag down and sell off the assets.

[abb]

http://news.cnet.com/8301-13577_3-10256230-36.html?tag=mncol;title
Al Gore wants to save advertising, too

http://www.detnews.com/article/20090610/BIZ/906100350/1001/Newspapers-face-ad-revenue-hit
Newspapers face ad revenue hit

http://www.latimes.com/business/la-fi-ct-standard10-2009jun10,0,3353859.story
News Corp. may sell Weekly Standard to Anschutz

http://www.nytimes.com/2009/06/10/technology/internet/10craig.html?ref=todayspaper
Revenue at Craigslist Is Said to Top $100 Million

http://www.marketwatch.com/story/media-web-turns-10-highlights-and-lowlights
Media Web turns 10: highlights and lowlights
Commentary: A look back on a tumultuous decade of news

http://www.boston.com/business/ticker/2009/06/times_co_wont_n.html
Globe won’t negotiate further with union on cuts

http://www.boston.com/business/articles/2009/06/10/globe_union_files_labor_complaint/
Union files labor complaint

http://nbergus.com/2009/06/metaphors-for-the-state-of-news/
Metaphors for the state of news and its future

[Young Werther]

I believe in Obimbo's policy of change.

I hearby bid a penny, nickel, dime quarter and half dollar, (that 89 cents for those in Rio Linda New York and Boston)!

[abb]

http://cancelthebee.blogspot.com/2009/06/year-media-died.html
The Year the Media Died

[abb]

http://www.adweek.com/aw/content_display/news/agency/e3i388dc3328f74c5ee02789b927c252a30
Q1 Ad Spend Plunged 14.2%, per TNS
That decline is sharper than the dip reported by Nielsen on Monday

http://www.adweek.com/aw/content_display/news/agency/e3i6fda8a789c0468ebf972e6100c331211
Craigslist on Track to Reach $100 Mil.
That revenue figure is a 23% increase from 2008

http://www.adweek.com/aw/content_display/news/media/e3i6fda8a789c0468eb3408fcfd6c16e83b
Cablevision Intros Same-Day VOD Ad Insertion

[sitetest]

I think I got some loose change in my pocket.

How’s 87 cents sound?

Am I overpaying?

[sitetest]

Oh, I see you outbid me by two cents.

Okay. I’ll go an even 90 cents.

I’ll probably regret it in the morning.

[abb]

http://adage.com/mediaworks/article?article_id=137188
Summertime Prime Time Heats Up for Cable

http://adage.com/mediaworks/article?article_id=137168
As Upfront Talks Stall With Broadcasters, Buyers Eye Cable

http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=107659
P&G, Others Slash Ad Spending

[Huskrrrr]

With the large amount of debt generated by the Globe, shouldn't the Times PAY someone to take this rag off their hands?

[abb]

Y’all are going the wrong way. I bid $0.79.

[sitetest]

LOL.

[AmericanVictory]

Why not just sell it to the Kennedies; it’s been their prostitute for years.

[abb]

http://www.observer.com/2009/media/murdochs-monster-journal-plague-years
Murdoch’s Monster: The Journal of the Plague Years

http://www.hollywoodreporter.com/hr/content_display/television/news/e3ifa78c7375d32448357832e4c192adb5c
CBS’ Les Moonves reassures stockholders

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003981595
Newspaper Battle Continues Over Who ‘Owns’ Scholastic Sports

http://www.washingtonpost.com/wp-dyn/content/article/2009/06/09/AR2009060903144.html
Broadcast TV Never Converted Its Digital Dream

http://www.cjr.org/the_audit/language_matters_at_the_globe.php
Language Matters at the Globe

[Mr. Lucky]

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

[Ev Reeman]

The NYT is a commie liberal dinosaur. It has outlived its usefulness. The American people will never forgive the NYT, the Boston Globe and all the other libtard news rags for lying to them about Obummer.

[abb]

http://blogs.wsj.com/digits/2009/06/09/metacafe-adds-a-hub-for-tv/
Metacafe Adds a Hub for TV

http://www.latimes.com/business/la-fi-ct-sag10-2009jun10,0,5806102.story
SAG approves contract

[Young Werther]

I would bid again but my 2 cent piece is worth $30 today! I think your bid is too mulch! You might want to buy that rag and shred it!