This story was written by Staci D. Kramer.
Platinum Equity, the private equity firm that is still slashing away at costs at the San Diego Union-Tribune, is one of two bidders for the Boston Globe invited to on-site meetings, according to the paper, citing unidentified sources. Also invited, the Globe reports, the group led by former Globe digital exec Stephen Taylor; his family sold the Globe to the New York Times Co. (NYSE: NYT) in 1993 for $1.1 billion. Not on the list so far: the other local group that combined the forces of Stephen Pagliuca, a managing director for PE firm Bain Capital and Boston Celtics co-owner, and civic leader and former advertising exec Jack Connors—and, the Globe says, proposed a non-profit model.
Beverly Hills-based Platinum Equity, which also has surfaced as a possible bidder for Business Week, and the Taylor group each are believed to have bid about $35 million and agreed to assume the $59 million or so in pension liabilities for the Globe and the Worcester Telegram & Gazette, which is included in the sales package. Compare that to the non-profit idea that would combine investment with a foundation and it’s not hard to see why the Pagliuca-Connors team would not be invited to the next round.
By Staci D. Kramer