According to a report from the Wall Street Journal, the New York Times Co received a formal offer on the Boston Globe in the amount of US$100 million. The offer includes a provision that one third of the amount would be paid through the assumption of some of the paper's pension liabilities.
The report, which cited anonymous sources, comes at a time that the Times have been low key regarding discussions on potential buyers for the paper. The suitors include private equity firm Boston Post Partners, represented by Managing Director Heberden Ryan and former Boston Globe President Rick Daniels. One of the preferred purchasers is News Corp, current owner of the Wall Street Journal. The major stumbling block though is the current regulatory rules in Massachusetts that disallows companies to own a newspaper and a television station in the same market.
For their parts, the New York Times and News Corp both declined to issue statements on the matter and Daniels or Ryan could not be reached for their comments.
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