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Boston Globe in Danger of Being Shut Down
Posted By admin On May 1, 2009 @ 9:51 am In Money Watch | Comments Disabled
Friday, May 1, 2009
Advertisements for The Boston Globe boast that a single news story can “take you away.” But after Friday, the newspaper itself may be taken away and shut down after 137 years of publication.
The New York Times, which bought the Globe for $1.1 billion in 1993, threatened at the start of April to shut the money-losing, award-winning broadsheet unless the paper’s 13 unions agree by Friday to $20 million in concessions.
As the deadline approaches, the future of one of America’s most acclaimed regional newspapers looks unclear, illustrating deepening problems for an industry that has few answers for an accelerating, long-term shift of advertising to the Internet.
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Names of potential buyers have surfaced only to disappear nearly as quickly, some worrying about finding a profitable financial model for a newspaper that won 20 Pulitzer Prizes and dominates news coverage in the six-state New England region but has faced steep drops in circulation.
“It’s like trying to catch a falling knife,” said Jack Connors, the former head of Boston ad agency Hill Holliday who was part of an attempt to buy the paper several years ago. “I’m not a buyer” because of the Globe’s uncertain financial situation, he added. “I don’t know whether there’s an economic reason to own it.”
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