Business
11:10 am
Wed June 10, 2009

Report: Times Co. will take bids to sell Globe

BOSTON – BOSTON (AP) - The Boston Globe is reporting that The New York Times Co. has hired Goldman Sachs to manage the possible sale of the financially struggling newspaper.

The Globe, citing two potential buyers who wished to remain anonymous, reported Wednesday that Goldman Sachs has begun accepting bids for the 137-year-old newspaper. That was before the Boston Newspaper Guild, the Globe's largest union, voted Monday to reject $10 million in pay and benefit cuts demanded by the company.

The company responded by saying it would cut pay by 23 percent.

The Globe lost $50 million last year and is on track to lose $85 million this year.

A Globe spokesman declined to comment early Wednesday via e-mail. A Times Co. spokeswoman could not immediately be reached for comment.