Have a look (sub. req.) at former Boston Globe columnist John Ellis’ latest for the Wall Street Journal, in which he analyzes the Jack Welch/ Jack Connors/ Joe O’Donnell play for the Globe. His take on how Welch managed to prevent an auction that would drive up the price is fascinating, if a little hard to follow.
Still, Ellis’ bottom line strikes me as exactly right: “Mr. Sulzberger would be a fool, of course, to sell the Globe to anyone at this juncture.”
Oh, and in case last week’s ridiculous back-and-forth over the meaning of “in play” isn’t completely dead, here is Ellis’ lede:
Last week in Boston, a group of local businessmen led by Jack Welch let it be known that they were interested in acquiring the Boston Globe from the New York Times Company for $500-$600 million. The offer served to put the Globe “in play” (as the talking heads say) and to galvanize Class B (non-family) shareholders of Times stock, already up in arms about mismanagement and financial performance.
Don’t feel as though you have to respond, Mike.