Platinum Equity bids $35 million for Boston Globe
Boston Globe

Emergence of the Platinum Equity as a new bidder for the Boston Globe has brought wrinkles on the faces of Globe employees.

Platinum Equity, based in Beverly Hills, has offered to buy the Boston Globe from the New York Times Company.

Platinum's bid was reported on Friday by the Globe on its Web site.

A person familiar with the matter informed on the condition of anonymity that Platinum bid $35 million and would assume $59 million in pension liabilities.

Platinum that recently bought the San Diego Union-Tribune, declined to comment.

Globe has received two more offers, one from Stephen Pagliuca, an executive at Bain Capital, while the other offer is from Stephen Taylor, a member of the family that used to own the Globe and sold it in 1993.

The company acknowledged its interest in selling the New England Media Group, in a regulatory filing with Securities and Exchange Commission.

 

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