A new bidder has emerged to buy the 137-year-old Boston Globe from New York Times Co, a person familiar with the matter said on Friday.
Platinum Equity has submitted a bid for the Globe and the rest of the Times Co's New England Media Group, which also includes the Worcester Telegram & Gazette and the newspapers' websites, but the sales process remains preliminary, the person said.
The Beverly Hills, California-based private equity firm is offering $35 million plus the assumption of $59 million of pension liabilities, something Times Co asked potential buyers to include in their bids, according to a report in the Globe.
Platinum declined to comment. The firm acquired the San Diego Union-Tribune in May.
According to the Globe report, two Boston-based groups have also submitted early bids for the paper.
One includes Stephen Pagliuca, co-owner of the Boston Celtics basketball team and an executive at private equity firm Bain Capital, and former advertising executive Jack Connors. The other is led by Stephen Taylor, who is part of the family that sold the Globe to the Times Co for $1.1 billion in 1993.
Both groups have been interested in buying the Globe, Reuters has reported.
On Thursday, Times Co said in a regulatory filing that it had retained Goldman Sachs & Co to explore a sale of the New England Media Group. The company has also been selling other assets, including most recently its classical music radio station in New York City. (Reporting by Jonathan Stempel; Editing by Gary Hill)