Jack Welch may bid for Boston Globe
Cory Bergman October 25th, 2006
Retired GE CEO and Boston native Jack Welch is reportedly interested in buying the Boston Globe. Discussions are in the early stages, but sources put the price tag around $550-600 million, well below the $1.1 billion the New York Times Company paid in 1993. And a new trend is emerging: local business leaders moving in to buy struggling newspapers. (Thanks Alyssa for the link!)
13 Comments Add your own
1. Alyssa | October 25th, 2006 at 7:52 am
Maybe SIx SIgma will work better in a newspaper setting than it does at NBC…..
2. 5w50 | October 25th, 2006 at 8:10 am
He’ll outsource the reporting to Bangalore (a la Reuters).
Try covering the Sawx or Whitey that way.
3. Rocker | October 25th, 2006 at 8:30 am
I understand the cynicism but in general isn’t the concept of locals stepping in to buy media properties out of the hands of out-of-town conglomerates something positive?
4. Alyssa | October 25th, 2006 at 9:20 am
I’m not saying it’s a bad thing.
I’m just saying that Six Sigma tends to work just fine when you have things that are esier to quantify, such as widgets. TV stations are generally widget-free ( and I imagine newspapers are too).
I think that Jack Welch is a very corporate-oriented guy, and that this is akin to Ted Turner buying his local paper in Montana or wherever the buffalo roam.
5. thelosangeleschannel | October 25th, 2006 at 11:55 am
what the hell is he buying except a name, a bunch of printing presses, archaic distribution methods and a bunch of journalists for 1/2 billion?
not that there isn’t some value in each of those; the name doesn’t have the ny or la cache, the presses are the buggy whips of the 21st century and the journalists are the most valuable commodity, but they are a commodity nonetheless.
jack welch could just as easy start something from scratch. there are enough commodities out there looking for work.
6. Eddie Daroza | October 25th, 2006 at 3:42 pm
he’s only doing it because papers set the town agenda. think about it: geffen at the times, welch at the globe. these guys don’t care about getting super rich off of newspaper publishing. they want an interest in the town.
7. Steve Safran | October 25th, 2006 at 7:48 pm
Welch is a businessman first. If he’s making an offer, it’s because he has a plan to make money off it, not just have an interest in the town. Setting an agenda is great, I agree. But you can’t set an agenda with a product unless it is a success - and Welch doesn’t plan for failure.
(Usual disclosure: my client, NECN, has a partnership with the Boston Globe.)
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