Red Sox owner John Henry has offered to buy the Boston Globe independently, after the New England Sports Network group, of which Henry was a part, dropped out of the bidding more than a week ago.
Henry owns the Fenway Sports Group, which makes up about 80 percent of NESN. The other 20 percent is controlled by Jeremy Jacobs, owner of the Boston Bruins. According to the Globe, Henry has decided to go forward with a solo bid after the NESN group backed out.
Although the future of the newspaper is in flux, one thing is for sure: Henry certainly has the money for it. He was named one of Forbes’ Top 2013 Billionaires, with his net worth approximated at $1.5 billion. Forbes dishes out the business lingo best: here’s their take of Henry’s stock.
That investment portfolio includes major sports assets: the Boston Red Sox baseball team, Liverpool soccer club, and Rousch Fenway Racing. Henry’s stake in NESN itself is worth more than $600 million by our estimates.
Bids for the Globe are reportedly coming in at less than $100 million – so, mere pocket change for a man like John Henry.
Other potential buyers for the paper hail from the West Coast. Robert Loring of Revolution Capital in Los Angeles and owner of the Tampa Tribune has placed a bid, as has Douglas Manchester, who owns the U-T San Diego newspaper. Only one other local group besides Henry is in the running: former Time, Inc. Chief Executive Jack Griffin has teamed up with Ben and Steve Taylor to buy the paper back. The Taylor family owned the Globe before selling it to the New York Times Company in the 1990s.
A closed buying process has incited much speculation, many hushed voices, and few direct answers. Bidders have been barred by the Times and their investment bankers from publicly discussing any bid, and the Times refuses to comment as to when a buyer will be selected.
The New York Times Company is selling the Boston Globe along with the rest of the New England Media Group, which includes Boston.com, Bostonglobe.com, the Globe’s direct mail marketing business, and a 49-percent interest in Metro Boston.
