Local group (which includes Jack Welch) may buy Boston Globe

[DeepModem Mom]

Local group may bid for Globe
Retired GE chief, adman involved; paper not on block
By Steve Bailey, Globe Staff | October 25, 2006

Two of Boston's best-known businessmen -- retired General Electric Co. chief executive Jack Welch and adman Jack Connors -- are quietly exploring the possibility of making an offer to buy The Boston Globe from The New York Times Co.

While neither Welch nor Connors would comment, several executives who have participated in the discussions caution the plans are preliminary. But the executives are working with the investment bank JPMorgan Chase & Co. to analyze a potential deal. They say JPMorgan has valued the Globe at $550 million to $600 million, well below the $1.1 billion the Times Co. paid in 1993.

Times Co. has said repeatedly that the Globe, despite its continued poor financial results, is not for sale.

In a statement yesterday, Catherine Mathis, Times Co. vice president of corporate communications, said, "It is our policy not to comment on potential acquisitions or divestitures. We constantly review our portfolio of properties to assess their continuing relevance to our strategy. We view the Globe as an important asset, and we have taken many steps that we believe will improve its performance," most recently naming a new publisher, P. Steven Ainsley, who previously headed the company's regional newspapers....

http://www.boston.com/ae/media/articles/2006/10/25/local_group_may_bid_for_globe/

[Tesha]

1. Oh wonderful. From "moderate right" to "Boston Herald Right". (NT)

[Tracer]

3. You might want to correct that ...

... from "moderate right" to "moderate left".

[Tesha]

4. The Globe *AIN'T* "moderate left". NT

[blm]

9. Moderate right was accurate. The Globe has had GOP operatives working

there consistently since the early 70s.

[sallyseven]

2. The day that happens I will no longer subscribe to the Globe.

I don't need to read right wing bull sh.t. Welch is such a jerk.

[blm]

11. GOP activists bought control of most major newspapers in Pennsylvania

last summer. They picked up even more in California.

The GOP knows that it doesn't matter that newspapers aren't a big moneymaking venture, except the way THEY USE THEM as their own PUBLIC RELATIONS DEPT.

The way Welch uses all the NBCs to make sure GE gets all the wars they need to make MEGABILLIONS.

I'd bet this how they plan to control the Dem primaries, too. They will only allow a big business centrist to get the Dem nomination, so their asses are covered either way.

[Ian David]

5. Jack Connors-- Donated over $6,000 to Democrats

Results:
5 records found in 0.1875 seconds.

Search Criteria:
Donor name: connors, jack
Donor State: MA
Cycle(s) selected: 2006, 2004, 2002
Total for this search: $6,000

CONNORS, JACK
BOSTON,MA 02116
HILL & HOLLIDAY
12/15/2005
$1,250
Clinton, Hillary Rodham
(DEMOCRAT)

CONNORS, JACK
BOSTON,MA 02116
HILL HOLIDAY
11/1/2005
$1,250
Stabenow, Debbie
(DEMOCRAT)
http://www.stabenowforsenate.com/bio


CONNORS, JACK
BOSTON,MA 02116
HILL HOLLIDAY
11/1/2005
$1,250
Feinstein, Dianne
(DEMOCRAT)
http://en.wikipedia.org/wiki/Dianne_Feinstein

CONNORS, JACK
BOSTON,MA 02116
HILL, HOLLIDAY
11/1/2005
$1,250
Cantwell, Maria
(DEMOCRAT)
http://en.wikipedia.org/wiki/Maria_Cantwell

CONNORS, JACK
BOSTON,MA 02116
HILL HOLLIDAY/CHAIRMAN
10/12/2004
$1,000
Frank, Barney
(DEMOCRAT)
http://en.wikipedia.org/wiki/Barney_Frank



http://www.opensecrets.org/indivs/search.asp?NumOfThou=0&txtName=connors%2C+jack&txtState=MA&txtZip=&txtEmploy=&txtCand=&txt2006=Y&txt2004=Y&txt2002=Y&Order=N

[blm]

7. Kind of eclectic choices for donations.

.

[Ian David]

8. Female Democrats and one gay male Democrat.

San Francisco Liberal Female Democrats, too!

I think all of them, aside from Lieberclinton, are Liberal/Progressive

[blm]

10. Just odd in the sense that it seems more for show. Or depending on what

fundraising event he showed up at. Not based on a specific desire to see Dems get elected as you can plainly see with most wealthy donors.

[juajen]

15. Check Hillary's voting record

It is 95% progressive. Please do not lie about her record.

[Ian David]

16. Convince me? n/t

[SlipperySlope]

6. I thought local ownership was a good thing

I'm not from Boston, or even from Mass, so I admit I don't know the specifics here.

But...

The New York Times Company is the 4th largest newspaper company (and 12th largest media company) in the United States. They own around 20 newspapers, 8 television stations, and a variety of other media outlets.

I would think that local ownership of a major newspaper (like the Boston Globe) would be a step in the right direction.

[blm]

12. The problem is Welch believes even newsmedia is supposed to contribute

to moneymaking BOTTOM LINE, and to promote whatever is good for the parent company - and uses media purchases to facilitate his moneymaking goals and further his fascist ideology.

He hasn't been shy about that since the late 90s. Bush taking office in 2001 and then 9-11 just allowed him to take the mask completely off.

[SlipperySlope]

13. Oh...

So he wants to buy the paper and attach it to some parent company? That wasn't clear in the OP.

[blm]

14. Welch and his bank account IS the parent company, in this case.

Welch is still a major influence at GE, even though he's no longer supposed to be considered the man running the company. His philosophical stamp and his stock are still there.