The indispensable Boston Business Journal reports that John Henry may be close to selling the Telegram & Gazette of Worcester, the “other” newspaper he acquired when he purchased The Boston Globe.
Craig Douglas writes that the T&G may end up in the hands of GateHouse Media, which recently implemented cuts at its two newest Massachusetts properties, the Cape Cod Times and The Standard-Times of New Bedford.
I’d like to think that Henry would sell to local owners if he could find any. The T&G may be a tough acquisition at this point, and GateHouse may be among the few prospective buyers willing to take it on.
My hope is that GateHouse, which is going through a structured bankruptcy aimed at getting $1.2 billion in debt off its back, will prove to be a better steward of the T&G than we’ve come to expect.
GateHouse’s recent move at its weekly papers in Massachusetts — reallocating resources from weaker to stronger papers rather than engaging in out-and-out cuts — offers some reason for optimism.
Update: Henry has what sounds like good news, according to the T&G — no sale before 2014, plus he’s hoping for a local buyer.