Platinum Equity, which recently purchased the San Diego Union-Tribune, has made a more than $35 million offer to acquire the Boston Globe, according to a Globe report citing people with knowledge of the offer.
Platinum, the Beverly Hills private equity firm founded by L.A. billionaire Tom Gores, made an offer to Globe owner New York Times Co. last week for the entire New England Media Group, which also include suburban newspapers and their Web sites, the sources said.
Platinum, which acquired the Union-Tribune newspaper in May, is the third bidder for the beleaguered Boston institution. Platinum's Globe bid also includes the assumption of $59 million in pension liabilities, on top of the $35 million for the newspaper properties themselves, according to the Globe report, which said Platinum declined to comment on the matter.
One of the local groups competing for the papers is led by Stephen Pagliuca, co-owner of the Boston Celtics and a private equity executive at Bain Capital. The other group is led by Stephen E. Taylor, whose family that sold the Globe to Times Co. in 1993 for $1.1 billion.
The Globe report comes a week after Platinum, known for its technology company turnarounds, lost its bid to acquire bankrupt Delphi Corp., A bankruptcy judge instead awarded the Troy, Mich. auto parts supplier to a creditors group.
Other reports have named Platinum as a possible bidder for BusinessWeek magazine.
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