Fresh off the news that the New York Times Company (NYT) is threatening to shutter the Boston Globe unless it wins union concessions, nervous Bostonians are already wondering what will come of the newspaper.
The Boston Foundation is a hub for Beantown’s liberal well-to-do, and doles out grants for Boston-area charities. Rescuing a money-losing newspaper is another thing though, we suspect at today’s meeting Boston philanthropists will frown solemnly that the loss of the Globe is a very bad thing.
So is all hope lost? No. Dealbook says Patrick J. Purcell, owner of the rival Boston Herald, “may be interested in some sort of deal.” And venture capitalist (and Globe contributor) John Ellis wrote yesterday in his blog “I recently worked with an investor group that was interested in acquiring the Globe from the New York Times.”
And, more likely, the union will just cave and the New York Times Company will ride the Globe the rest of the way down.