Report: Jack Welch and Jack Connors Exploring Acquisition of Boston Globe

Authored by Mark Hefflinger on October 26, 2006 - 1:58pm.

Boston - The Boston Globe reports that Jack Welch, the former CEO of GE, and former advertising executive Jack Connors are part of a group that is considering making a bid for The Boston Globe, which is owned by The New York Times Company.

The article said that the executives are working with JPMorgan Chase on analyzing a possible deal, which could value the newspaper at $550 - $600 million. The New York Times bought The Boston Globe in 1993 for $1.1 billion.

"Welch, who grew up in Salem and moved to Boston in his retirement, and Connors, co-founder of the Boston advertising firm Hill Holliday, are looking to assemble a small group of local business people for a bid that would include debt and equity, the executives involved in the effort say," the article said. "Each man has tentatively committed $25 million to the deal, the executives say."

Related Links:
http://tinyurl.com/u6qq8 (Boston Globe)