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NYTC Rejects Boston Globe Buyout Approach

News, 24 November 2006


BOSTON: The owner of the Boston Globe newspaper has told a group of would-be buyers that the title is not up for sale.

The New York Times Company says it has no desire to enter into exclusive negotiations with retired General Electric ceo Jack Welch and Jack Connors, chairman of advertising agency Hill Holliday, or their fellow investors.

The company is adamant it can handle the the Globe's declining circulation and ad revenues without resorting to a sale.

Despite zipped lips all round, local sources say the investors will not be deflected from their purpose and view the Globe's 'no' as an initial negotiating tactic.

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