The Boston Herald’s Jessica Heslam reports that Red Sox principal owner John Henry has broached the idea of taking the Boston Globe off the New York Times Co.’s hands. The Times Co. is attempting to unload its 17.75 percent stake in the Red Sox.
Henry has a proven track record of building value. Any new owner for the Globe is likely to begin with deep cost-cutting. I’d rather see Henry wielding the scalpel than some other prospective owners doing it with a chainsaw.
On second thought: Given the state of the Globe’s finances, maybe I should say I’d rather see Henry do it with a chainsaw than someone else use tactical nuclear weapons.
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This is almost hilarious: “take it off your hands.” Mr. Henry did very well with his hedge fund investments last year, better than the whole world. He’s a tough player and knows the Times is in a jam. I suspect his offer might have caused a little heartburn, but you can’t blame him for sticking to his discipline to avoid over paying and offering the Times a quick New England exit strategy which will allow them to focus entirely on New York.Things have certainly changed from the days when the Times thought it good to own the York County Coast Star.
Well, the last time John Henry took an unwanted, unmarketable property off someone’s hands as part of a bigger deal, it worked out pretty well – the Sox got Mike Lowell.Bob in Peabody
The YCCS made money … at least when Lou McGrew and Neil Collins owned it.