Here's something you might be interested in.
Two Boston Globe writers asked in a recent story if Beverly Hills's Platinum Equity, now that it has purchased the Union-Tribune for a song, might be interested in snapping up their ailing Globe. The Globe is owned by the New York Times, which recently threatened to shut it down unless there were labor concessions. This month, it got $20 million in concessions. The Globe lost $50 million last year "and is on pace to lose even more this year," said the two writers, Keith O'Brien and Steven Syre. One securities analyst separately has said the Globe is only worth $12 million to $20 million. Omaha oracle Warren Buffett said recently that he would not buy a newspaper "at any price" even though his Berkshire Hathaway owns stakes in two. John Morton, well-known newspaper expert, was not encouraging to the Globe writers. "Many people question whether any newspaper purchase makes sense in this climate," wrote the authors. Mark Barnhill of Platinum wouldn't specifically talk about a possible Globe purchase, but he did say that Platinum, which specializes in buying doggy companies in doggy industries, might be interested in more papers. Everyone should read Matt Potter's superb cover story in this week's Reader, covering the background of Platinum and the family behind it.
Two Boston Globe writers asked in a recent story if Beverly Hills's Platinum Equity, now that it has purchased the Union-Tribune for a song, might be interested in snapping up their ailing Globe. The Globe is owned by the New York Times, which recently threatened to shut it down unless there were labor concessions. This month, it got $20 million in concessions. The Globe lost $50 million last year "and is on pace to lose even more this year," said the two writers, Keith O'Brien and Steven Syre. One securities analyst separately has said the Globe is only worth $12 million to $20 million. Omaha oracle Warren Buffett said recently that he would not buy a newspaper "at any price" even though his Berkshire Hathaway owns stakes in two. John Morton, well-known newspaper expert, was not encouraging to the Globe writers. "Many people question whether any newspaper purchase makes sense in this climate," wrote the authors. Mark Barnhill of Platinum wouldn't specifically talk about a possible Globe purchase, but he did say that Platinum, which specializes in buying doggy companies in doggy industries, might be interested in more papers. Everyone should read Matt Potter's superb cover story in this week's Reader, covering the background of Platinum and the family behind it.