Times Company Hires Goldman Sachs to Manage Sale of Globe

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Photo: AP

After yesterday's welcome — albeit bittersweet for workers — news that the New York Times Company would not shut down the Boston Globe comes word that CEO Arthur Sulzberger Jr. has hired investment bank Goldman Sachs to figure out how to sell the damn thing. The Times Company plans to accept bids on the Boston paper of record in the coming weeks, and already at least two unnamed groups have expressed interest. Goldman, which is also handling the NYTC's efforts to sell its 17.5 percent stake in the Boston Red Sox, has actually been getting the word out on the Globe sale for a couple of weeks. “That doesn’t mean they have said they are going to sell it," one bidder told the Globe (awkward). "They’ve just said they are willing to entertain bids, but it sure indicates an interest.” The Boston Newspaper Guild, the group that refused a 10 percent wage reduction yesterday and was instead slapped with a 23 percent cut, still hopes to negotiate — and buyers don't expect any sale to be seriously considered until that issue is resolved. The paper lost $50 million last year, and, despite cutbacks by the NYTC, is still likely to lose cash this year as well. Still, buyers already appear interested.

Times Co. seeks Globe bids [Boston Globe]