Globe columnist Steve Bailey, having broken the news that Jack Welch and his rich buddies were interested in buying the Boston Globe, reports today that it’s not likely to happen. Why? No one — certainly not the New York Times Co. — is going to sell the Globe when it’s at the bottom of the market.
Still, Bailey offers some intriguing stuff on how it could happen. Throw in the Times Co.’s Worcester Telegram & Gazette, Boston.com and its share of the Red Sox, and suddenly you’re talking about a price that would approach the $1.1 billion the Sulzbergers paid for the Globe in the early 1990s (not when you factor in inflation, though).
My prediction: The Times Co. will sell in two or three years, when the newspaper economy has recovered enough for the Globe to bring a better price. And Jack Welch will not be the owner.
Clarification: I wrote that Bailey “broke” the story, but the Herald had it at more or less the same time.