Platinum Equity Newspaper
Platinum Equity Newspaper
Platinum Equity Newspaper Bids for Boston Globe
Platinum Equity was recently referred to as “the most interesting private equity firm” following its bidding for struggling newspapers. It may seem a bit odd that Platinum Equity bid to purchase the Boston Globe, considering the depressing trend of print newspapers going bankrupt. The Globe’s owner, the New York Times Co. has submitted a 10-Q form with the SEC signaling its intent to sell the New England Media Co and it is using Goldman Sachs to look into the possibility of a sale.
Platinum Equity is just one of several bidders for the Boston Globe. The private equity firm offered $35 million and sweetened the deal by also assuming the company’s $59 million in pension liabilities. Platinum is not the only party interested in buying the Globe, other potential buyers are:
- A group led by Boston Celtics co-owner and Bain Captial executive Stephen Pagliuca and former advertisting executive Jack Connors.
- A group led by Stephen E. Taylor, a member of the family that sold the Globe to the Times Co. in 1993 for $1.1 billion. (source)
Platinum Equity attracted a fair amount of attention when it purchased the San Diego Union-Tribune earlier this year.
See our Private Equity Tracker Profile for more on Platinum Equity.
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