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The Boston Globe

Business

Two groups enter bids for Globe

At least two groups submitted bids to buy The Boston Globe on Thursday, according to several people briefed on the offers, meeting the deadline set by investment bankers for the The New York Times Co.

One group is led by Jack Griffin, a former Time Inc. chief executive working with two members of the Taylor family, which sold the Globe to the Times Co. in 1993. The other group is led by Boston private equity executive Heb Ryan and former Globe president Rick Daniels.

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It was unclear if there were other bidders in this initial round. The Times Co. declined to comment.

The company said in February that it would sell its New England Media Group, which includes the Globe, its websites — BostonGlobe.com and Boston.com — and the Worcester Telegram & Gazette and its website.

Other investors could surface in the coming days and weeks, including some who may be interested in joining a group that has already submitted a bid. For instance, insurance executive James Stone, the founder and chief executive of Plymouth Rock and a former member of the Globe’s board of directors, has indicated he would consider partnering with a group.

“I might be willing to invest some money from personal funds to support a bid led by a responsible set of potential owners,” Stone said in a recent e-mail concerning his potential interest, a copy of which he sent to some Globe executives. “The Globe is a Boston treasure. A free, thriving, and vibrant press is essential to a democracy and a healthy community.”

Stone said he would view investing with a buyer as a community service. He said he would back “any able team committed to maintaining the Globe’s historic quality and assuring its future.”

Beth Healy can be reached at bhealy@globe.com.
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