A group of investors led by entrepreneur Aaron Kushner plans to make an offer to buy The Boston Globe from The New York Times Co., which has owned it since 1993.
“We are putting together the business model of taking what is an important community organisation and reverse the cycle and have it growing,” Kushner, 37, of Wellesley, said an interview. “If the Globe was achieving even half its potential, it would be of much greater import and impact.”
The newly-formed group wants to purchase the New England Media Group unit, which includes the Globe, Boston.com, and the Worcester Telegram & Gazette.
New York Times Co. stock jumped 10% yesterday as a result, according to Bloomberg.
The Times Co. came close to shuttering the Globe in May of 2009 following the break down of union negotiations over millions of dollars worth of concessions.
The Times Co. put the Globe up for sale instead several months later, but took the paper off the market after its unions agreed to cuts.
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