BOSTON — The New York Times Co. appears interested in getting rid of The Boston Globe, hiring investment bank Goldman Sachs to manage a potential sale of a newspaper that has plummeted in value since its purchase in 1993, The Globe reported Wednesday.
The Globe, citing two potential buyers it did not name, said Goldman Sachs would request bids for the 137-year-old newspaper in the next couple of weeks. The Times Co. previously announced it had hired the investment bank to sell its 17.5 percent stake in the Boston Red Sox and related sports properties.
The Times Co. recently renegotiated contracts with most of the Globe unions, saying it needed $20 million in annual savings and the elimination of lifetime job guarantees, or it could be forced to close the newspaper. The Globe’s largest union, the Boston Newspaper Guild, narrowly rejected Monday a contract proposal with $10 million in annual pay and benefit cuts. It filed an unfair labor complaint with the National Labor Relations Board on Tuesday after the Times Co. immediately imposed a 23 percent pay cut to achieve the $10 million in annual savings. The Associated Press; AP photo
