The Morning Report
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Platinum Equity, the Beverly Hills-based private equity firm that owns of The San Diego Union-Tribune, has made it through to the next round of bidding in its effort to buy the Boston Globe.
The Globe reported today that Platinum Equity and one other bidder were invited to onsite meetings at the newspaper. Globe reporter Beth Healy writes:
Stephen Taylor, a member of the family that sold the Globe to The New York Times Co. in 1993 for $1.1 billion, leads one group that is planning to visit the Globe around Labor Day, according to people briefed on the matter.
The other group is Platinum Equity, a Beverly Hills, Calif., investment firm that recently purchased the San Diego Union-Tribune.
Both the Taylor group and Platinum submitted bids last month of about $35 million, plus the assumption of $59 million of pension liabilities for the Globe and the Worcester Telegram & Gazette, people briefed on the bids said. The Times Co. owns both papers and required suitors to submit bids for both properties.