Times Co. Puts Globe on Market

By Kevin Spak,  Newser Staff
Posted Jun 10, 2009 9:52 AM CDT
Workers walk through the pressroom of the Boston Globe building in the Dorchester neighborhood of Boston, Monday June 8, 2009.   (AP Photo/Charles Krupa)
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(Newser) – The New York Times Company has hired Goldman Sachs to handle a possible sale of the Boston Globe, the Globe reports. Goldman, which has also been trying to help the Times Co. unload its 17.5% stake in the Red Sox, has been telling prospective buyers it would accept bids after June 8, regardless of the outcome of the vote on pay and benefit cuts by the Globe's largest union.

“That doesn’t mean they have said they are going to sell,” said one potential bidder. “They’ve just said they are willing to entertain bids. But it sure indicates an interest.” Many analysts suspect the Times Co.’s efforts to trim pay and benefits are part of a strategy intended to make the smaller newspaper more attractive to potential buyers.