Although The Boston Globe is dragging down earnings at The New York Times Co., the media company continues to deny that the Massachusetts newspaper is for sale even as retired General Electric chief executive Jack Welch builds a coalition of local leaders to acquire the paper.
Welch reportedly has enlisted adman Jack Connors, founder of Hill Holiday, and former Globe columnist Mike Barnicle to assist him. In addition, the group has hired J.P. Morgan Chase as a financial adviser.
Welch clearly will need Connors' and Barnicle's help in convincing the recalcitrant executives at The Times to sell the paper — especially for the $550 million to $600 million that J.P. Morgan reportedly values the paper. After all, Connors has spent his life pitching products, so his prowess will go a long way in The Times conference rooms. In addition, Barnicle is a well-connected journalist, who both knows politicos in the State House and the staff of the paper, meaning he could quell any possible dissent from the Boston Newspaper Guild and other corners. Of course, Barnicle may be the sole reason the Guild would dissent. In 1998, the Globe dismissed him for plagiarizing from comedian George Carlin. Of course, he remains friendly with other staffers like sports writer Dan Shaugnessy.
While Barnicle could be a sticking point for the Guild, the price would be the main problem for The Times. J.P. Morgan may have to reconsider the price tag because The Times may never accept a bid that equals half of what it paid for The Globe in 1993.
Although Welch is a favorite son of Massachusetts — especially among University of Massachusetts alum — a sure fire way to guarantee the public's support would be to enlist Bill Belichik's and Terry Francona's endorsements. —Matthew Wurtzel
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