'New York Times Co received multiple bids for Boston Globe'

Written by Reuters | Updated: Jun 29 2013, 05:38am hrs
The New York Times Co has received multiple bids for The Boston Globe, according to a source familiar with the auction of the daily newspaper.

The size and the precise number of the bids by the deadline at 5 pm EDT was not immediately clear though it is likely the New York Times will receive less than 10% of the $1.1 billion that it paid for the Globe 20 years ago.

It is the second time that the company has put the paper, and its smaller sister publication, the Worcester Telegram & Gazette, on the block. But with the financial outlook for the New England newspapers and the industry as a whole continuing to deteriorate, there is a greater sense of urgency to get something done this time.

Analysts estimate the New York Times may get only about $100 million for the two papers. It paid $1.1 billion to the Taylor family for the Globe in 1993, and in 2000 it bought the Worcester Telegram & Gazette for nearly $300 million. The Taylor family is one of the parties that might be interested in the Globe, according to a source familiar with the family. Steve Taylor, a former executive at the Boston Globe and a member of the Taylor family, did not return a call seeking comment.