Bain Capital managing partner emerges as potential buyer of Boston newspaper

A managing partner at Bain Capital is among three parties interested in buying the Boston Globe newspaper, according to Financial Times.

Bain’s Stephen Pagliuca, who co-owns the Boston Celtics basketball team, has emerged as a potential buyer of the daily newspaper, which is being sold by the New York Times Company.

The Times Company is reportedly seeking a buyer for the Boston newspaper after cutting Globe employees’ pay by 23 percent. The Globe is said to be on track to lose $85m this year.

The newspaper’s management is currently in negotiations with Boston Newspaper Guild over cost-cutting measures, but the union is said to be hopeful of a settlement soon.

Pagliuca is apparently willing to discuss working with union leaders, according to the FT.

Other potential buyers include former advertising executive Jack Connors and Stephen Taylor, a former executive at the Globe and a member of the family that controlled it until its sale to the Times Company in 1993.



(Courtesy of altassets.com)