Platinum Equity Rumored to Bid for 'Boston Globe,' Worcester 'Telegram & Gazette'

By: E&P Staff Private equity firm Platinum Equity is rumored to be in the running to buy The Boston Globe. The firm offered the New York Times $35 million for the Globe -- assuming $59 million in pension liabilities -- sources told Globe reporter Beth Healy.

Platinum Equity purchased The San Diego Union Tribune earlier this year allegedly for $50 million.

Platinum is apparently bidding against Stephen Pagliuca of Bain Capital and advertising executive Jack Connors and Stephen Taylor, whose family sold the Globe to the New York Times for $1.1 billion in 1993.

The New York Times disclosed its New England Media Group, which also includes the Worcester Telegram & Gazette, was up for sale in a Securities and Exchange Commission document released late on Thursday.

The bids were for the entire group, not just the Globe.

New York Times Chairman Arthur Sulzberger Jr. and CEO Janet Robinson told the Globe's Robert Gavin that price was not the only consideration in the auction process. Sulzberger said that a sale might not take place.

"What's important here is that the Globe be maintained as a viable business entity, whether it's sold or we continue to operate it, and make sure that it has the financial stability to ensure its continuity. We're committed to that," Sulzberger said.

The bidding war comes on the heels of Cox Media Group's decision not to sale the Austin American-Statesman due to low offers on the property.

For more of Gavin's interview with Sulzberger and Robinson go here.