Boston Business Bigwigs Mull Purchase of Globe Newspaper

27 October 2006

BOSTON, Mass: Members of Boston's Back Bay brigade - among them former General Electric chairman Jack Welch and adman Jack Connors, ceo of local hotshop Hill Holliday Connors Cosmopulos - are reportedly mulling a bid for the Boston Globe, currently owned by the New York Times Company.

Although the NYT has previously stated that the Boston title is not for sale, increasing pressures on the newspaper market as ads migrate online could trigger a rethink.

As might the involvement of a corporate legend like Welch, whose stature could swing reaction to an unsolicited bid approach from 'ho-hum' to 'yum-yum'.

Connors too cuts the mustard in the world of media, although he plays down the likelihood of a deal. Says he: "I've been an avid reader of the Globe my entire life and I appreciate the important role the newspaper plays in the civic life of this community."

"But the current speculation is very premature. I have conversations about possible business deals all the time and 90% of them never move forward."

Appropriately, news of a prospective deal broke on the front page of the Globe itself.

Data sourced from Wall Street Journal Online; additional content by WARC staff