After all the drama this spring about the future of the Boston Globe — layoffs and buyouts, reduced salaries and benefits, union votes, and potential bidders — it seems like the Globe may not sold after all.
Check out the Times own coverage of the situation: “Boston Globe’s Fate Remains Unclear.” The current bids are $35 million plus assumption of $59 million in retirement benefits — That’s $94 million for the Globe, its real estate, and its sister publication, the Worcester Telegram & Gazette. For perspective, the Times paid $1.1 billion to acquire the Globe and the Worcester paper in 1993. The reason not to sell the Globe is that the Times would not be able to recoup $1 billion.
On the other hand, the Boston Globe reports that the Worcester Telegram & Gazette is generating interest from a local group, “Local buyers target T&G: Polar Beverages chief, ex-editor join forces.”
I’d bet the Times will hold onto the Globe and sell the Worcester T&G.
We shall see…