The Boston Globe reports today that The New York Times Co., which owns the Globe, has hired investment bank Goldman Sachs to help sell the troubled Beantown paper.
The hope, in some quarters, is that a civic-minded local will buy the paper and prevent a full-on gutting. But that sort of hope has surfaced in other markets and is never quite realized.
Rich guys may be willing to lose a few million on a glamor property, like the local newspaper. But they're not willing to lose $85 million per year, as is projected at the Globe this year. And let's face it, a newspaper is not as glamorous as it once was.
Also, a very amusing piece in the ProJo today by Mike Stanton on a Buddy Cianci-John DePetro feud over at talk-radio station WPRO, a Providence Phoenix media partner.